It turns out that a wave of rise and fall is not determined by bulls and bears, but by supply and demand. The price changes are caused by market makers actively controlling supply and demand orders. Breakouts in volatile markets are also due to market makers reducing the supply of sell orders, and after the breakout, it’s not the main players pushing the price but rather short squeezes and liquidations that require large buy orders to drive the price up. Conversely, a wave of decline in a volatile market occurs when market makers reduce buy orders, and after the drop, it’s not the main players dumping the market but rather long liquidations or closures that need large sell orders to push the price down.