The significant increase this time is mainly due to leveraged futures. In fact, the mechanics are quite simple. We notice that the price spike occurred at 5 AM, which is when CME futures had just paused trading for an hour. When trading resumed at 6 AM, there was a gap up opening. In the past, such situations typically lead to a gap being filled later, usually within a day, although it can sometimes take longer. Therefore, the possibility of a pullback is larger next, and we should pay attention to the price of 114000, which is about where the gap will be filled.
Additionally, once the large short positions (with significant quant and hedging orders here) are liquidated, there will be an imbalance between long and short positions. As a result, any further significant increase will only occur if the spot market takes over. If the spot market takes little or no action, the price will fall. Hence, I will engage in a hedging strategy here and wait for fluctuations.