This wave of market activity indeed makes people's hearts race. Bitcoin surged nearly 7000 points in a short period, causing many traders who had short positions established below $90,000 to suddenly find themselves in trouble, forced to endure unrealized losses.

However, what's interesting is that although the price fluctuated wildly, the shakeout during this rally was quite fierce. The repeated probing and sharp pullbacks in the market indicate that both bulls and bears are engaged in intense competition.

More worth noting are the macroeconomic changes. The recent interest rate hike decision by the Bank of Japan delivered a heavy blow to the market, while US stocks declined by over 1% across the board. Meanwhile, Federal Reserve officials have been releasing hawkish policy signals, continuously exerting pressure on risk assets. These factors combined suggest that the short-seller camp appears to be gathering strength and may initiate a new round of selling pressure in the near future.

For traders tracking mainstream cryptocurrencies like Ethereum and Solana, the key at this stage is to understand the market rhythm—shakeouts are usually a necessary process before establishing the main trend, but the macroeconomic bearish pressure cannot be ignored. There may still be fluctuations in the short term, and patience in observing might be wiser than rushing to catch the bottom.