From a psychological perspective, this position is unlikely to see a deep retracement; it is more about the market makers scaring the spot traders, causing them to panic and cut losses. In fact, very few retail investors dare to chase rising prices at these levels. To be honest, ask yourself this: would you dare to go long at such positions? Personally, I definitely wouldn't, even if it has the chance to continue to pump, as this does not align with my own left-side trading style.