That wave of market activity in the early morning was quite interesting; BTC experienced a clear short squeeze phenomenon. I looked at the data, and shorts were heavily liquidated, but the price didn't see the expected pullback—instead, it continued to push higher.

The market shows a "dual squeeze" pattern: on the futures side, shorts are being liquidated, with open interest decreasing by 836.5 BTC, while the spot main players are aggressively buying at market price, injecting $32.54 million to push the price up. Limit sell orders pile up to 231 million, while market buy orders are only 141 million. This asymmetric order structure indicates that the longs are actively exerting pressure.

The current issue is that open interest on the futures is gradually rising, but the price momentum is somewhat lagging; the tug-of-war between long building and short suppressing continues. If you're trying to go long, you need to be cautious of a reversal risk. This kind of stagnation after a short squeeze often easily triggers a quick correction.