The current cryptocurrency market is indeed full of changes, uncertainty, and possibilities; every subtle fluctuation pulls at the investors' heartstrings and is worth our close attention. From the perspective of liquidity clearing intensity, this wave of pump has completed the clearing of most of the previous short positions' liquidity. For now, the main clearing intensity of short liquidity is located around 113000, while long liquidity is heavily accumulated around 108000, and its intensity is higher than that of the shorts. This phenomenon reflects that after Bitcoin breaks new highs, although there has been a slight pullback, the market has given the longs stronger confidence, as they firmly believe that Bitcoin can rise to even higher positions after reaching new highs. Interestingly, even though the market has already broken new highs, new short liquidity continues to accumulate, indicating that there are still quite a few shorts who are "unwilling to lose." In this situation, if the market continues to oscillate, it may attract more shorts to join, thereby creating opportunities for the market to clear shorts again. Judging from the current situation, this possibility does indeed exist.

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Looking at the technical aspects, the large cycle is less affected by this pump, and the structure has not changed significantly. Although the daily line shows a strong upward trend, the actual trading volume is not large, and the spot premium has not increased significantly. This indicates that the buying power in the spot market does not match the strong buying sentiment that should accompany breaking new historical highs. What is concerning is that this minor new high may form a reversal pattern. In terms of technical indicators, the MACD volume trend is flat, making it easy to see a pullback and enter a short positions adjustment cycle; the RSI is at a relatively high level, but there is still some distance from being overbought. If we consider the large buffer area on the weekly chart, if there is another long positions rally in the future, when the RSI enters an overbought state, it may be a good time to position for a short positions trend.
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Regarding the four-hour chart, after a pump, there has been a certain pullback, but this slight pullback has not repaired the technical indicators. Generally speaking, after significant fluctuations in a short time, the short-term market becomes difficult to grasp, providing little reference value for short-term operations. On the technical indicators, MACD is running at a high position in the long positions cycle, and RSI is also at a high level, indicating that there should be a pullback repair process in the short term. From a structural perspective, the previous high point around 109700 formed a top-bottom conversion after a strong pump, becoming the current key support level below. If the market can test this support level and confirm it, then the subsequent market is still worth looking forward to.