Current focus of the crypto market: ETH long positions have been cleared, BTC 104000 has become a key battleground.

Long positions in ETH have basically been "washed out" in this round of market movements, with a wave of liquidations directly pushing market sentiment to a freezing point; however, this is not the end of market risks — the real storm still hangs over BTC, where around $500 million worth of positions awaiting liquidation are still piled up near $104,000.

In this situation, the market usually hides two key signals:

- Firstly, short positions are closely watching the 104000 level. As long as the market releases a bit more downward momentum, it could trigger concentrated liquidations, leading to a cascading effect;
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- Secondly, if this liquidation point is not broken for a long time, the market is likely to make a rapid rebound - after all, funds are all waiting for the same price level, and the market is best at delivering a counter-strike at the "most consensus position."

In simple terms: ETH has completed the "risk clearance," while BTC still has a major "class" that has not been tested. The impact of dropping to $104,000 will be significant, but the more crowded the position, the easier it is for a trend reversal to occur.

Next, just focus on two signals:

1. Can the 104,000 USD level be effectively broken (note, it should be a stable break rather than a brief spike);
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2. If it breaks down, we need to observe the subsequent trading volume and the strength of the rebound - whether it is a true panic selling or a "fake-out" crash, and these two indicators will make it clear at a glance.

Although the short-term market sentiment is somewhat extreme, it is precisely at such moments that the market tends to clarify its next direction more easily.