BTC has been slowly and steadily creeping up recently, not rising aggressively, but quietly eroding the confidence of the entire market's short positions.

On this move up, real outside capital has not kept pace; it's mostly supported by internal liquidity moving back and forth. The higher it goes, the more the previous trapped positions and profit-taking sell pressure become, limiting the upward space. Plus, ongoing geopolitical tensions outside haven't eased, macroeconomic rate cut expectations keep getting delayed, and the overall environment continues to suppress high-risk assets. The more the market fluctuates and grinds sideways, the greater the subsequent risk of a pullback.

Recently, there haven't been any unexpected positive catalysts within the circle; ETF net inflows have already slowed down, and large investors are mostly selling in batches during rebounds and laying short positions. Retail investors, on the other hand, are starting to follow the trend and chase higher, and market sentiment is quietly turning more optimistic.

But in the short term, the trend is to stubbornly resist falling further. Few are willing to confidently short now; everyone is hesitant to recklessly dump large positions, so the market can only oscillate and shake out traders at high levels.

Ultimately, at this level, there is no absolutely certain winning direction. The bullish case has short-term continuation confidence, and the bearish case is supported by fundamentals and risks. In a high-leverage contract market, rather than obsessively betting on a one-sided rise or fall, it's better to stay calm, protect your positions, and manage risks. In the chaotic and unpredictable environment, preserving your principal is the most solid choice.
——$BTC ‌#Gate广场五月交易分享 #BTC重返8万