The current cryptocurrency market situation is indeed changeable, filled with uncertainty and possibilities. Every subtle fluctuation resonates with investors, making it worthy of our close follow. From the perspective of liquidity clearing intensity, this round of pump has completed the clearing of most of the previous short positions' liquidity. At present, the main clearing intensity of short liquidity in the short term is around 113000, while long liquidity is heavily accumulated around 108000, with its intensity higher than that of short positions. This phenomenon reflects that after Bitcoin broke through a new high, despite a slight pullback, the market has given long positions stronger confidence, as they firmly believe that Bitcoin can climb to even higher levels after reaching a new high. Interestingly, even though the market has already surpassed new highs, new short liquidity continues to gather, indicating that there are still quite a few short positions that refuse to give up. In such a situation, if the market continues to oscillate, it is likely to attract more short positions to join, thereby creating opportunities for the market to clear shorts again. Judging by the current situation, this possibility indeed exists.

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Looking at the technical aspects, the larger cycle is not significantly affected by this pump, and the structure has not changed much. Although the daily chart shows a strong upward trend, the actual trading volume is not large, and the spot premium has not increased significantly. This means that the buying power in the spot market does not match the strong buying sentiment that should accompany breaking historical highs. What is concerning is that this slight new high may form a reversal pattern. In terms of technical indicators, the MACD volume bars are flat, making it easy for a pullback to occur 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 larger buffer zone on the weekly chart, if there is another upward trend later on, when the RSI enters overbought territory, it might be a good time to position for a short trend.

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In terms of the four-hour chart, there has been a certain pullback after the pump, 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. In terms of technical indicators, the MACD is running at a high level in a long positions cycle, and the RSI is also at a high level, indicating that there should be a process of pullback repair in the short term. Structurally, the previous high point around 109700 formed a top-bottom conversion after a strong pump, becoming a key support level below. If the market can retest this support level and confirm it, then the subsequent market is still worth anticipating.