The true divergence is not in price, but in whether the market "believes" in a rally

The price approaches $94,000, but market sentiment has not shown a consensus of euphoria, which is itself a key signal. Social media has not fully shifted to "mindless bullishness," and the futures market is not showing a clear one-sided trend. This means that most people still see the rise as a "phase event" rather than a default trend.

The essence of a short squeeze is an imbalance of consensus; the characteristic of a major rally is hesitation in consensus. Currently, it resembles the latter.

The rebound in spot trading volume indicates that more and more funds are choosing to "buy and hold directly," rather than engaging in high-leverage bets on short-term fluctuations. This behavioral change often occurs during the phase when the trend is gradually confirmed, rather than at the emotional peak.

If this is a short squeeze, it should be accompanied by stronger panic covering, but the market currently appears calm. This calmness may actually be the soil that allows the trend to continue.
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