The current market is showing a state of "progressing amid hesitation," with the bullish structure still continuing, but the prices have entered a high-level consolidation phase. From the market perspective, there is significant sell order pressure above that needs to be digested repeatedly, making it difficult to break through effectively in one go in the short term; it is more likely to complete structural adjustment through back-and-forth fluctuations.

It is important to note that this round of price increase is largely led by institutional funds, especially during the continuous upward phase, not driven by a market consensus to go long. Therefore, the sustainability of the rise relies more on the rhythm of funds rather than emotional resonance. Previously, about $450 million in short positions were forcibly closed, which became an important factor driving the rapid price increase, but as the direction gradually clarifies, changes in open interest (OI) will become key in judging whether the trend continues.

Overall, we are currently in a phase where the bullish structure has not broken but divergences are increasing. In the short term, focus on the flow of funds and structural feedback during the high-level fluctuations, waiting for the market to provide clearer directional signals.

This article is published by 【Huiying Community】 and only represents personal opinions. Due to certain delays in information transmission, the content is for reference only and does not constitute any investment advice. Please make rational judgments and operate cautiously.
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