Looking back at BTC's rise from 15,000 to 126,000, each V-shaped reversal was accompanied by a wave of long leverage liquidation. But this round is a bit strange—leverage doesn't seem to have been cleaned up much, yet it directly broke through the all-time high. That logic doesn't add up.

I took a position at 88,000, but then another V reversal happened, and the unrealized losses are quite uncomfortable. A careful look at the chart reveals the problem: previously, after each low point that wiped out longs (marked by the green line), there was a dip below that level followed by a V reversal (red line). But this time, the low points have been steadily rising, completely breaking the usual liquidation logic.

This phenomenon is indeed a bit strange. In the short term, either add to positions on dips or continue to wait and see. The rising lows might mean something, but the market's signals are still not clear enough.