Looking at the recent Bitcoin futures market, short squeezes are happening quite actively, but what's interesting is that new long positions are not being accumulated en masse. Over the past two weeks, the liquidation dominance indicator has completely shifted from long liquidations to short liquidations. As of the end of April, it reached its highest level during the observation period.

But there's something strange here. When checking open interest, it actually decreased. It dropped from about 300k BTC to around 292,000 BTC, meaning a significant amount was liquidated in about two weeks. This indicates that as short squeezes occur, positions are being liquidated simultaneously.

In conclusion, the current rally wasn't driven by new buying forces entering the market, but rather by a rebound created as existing short positions are liquidated. Since this movement is led by short squeezes, how long it will last depends on whether new buying interest comes in.