The market is still immersed in the dream of $100,000, but no one has noticed that dark currents have been flowing near the highs for a while. Overnight, Bitcoin plunged by $4,000, with liquidations reaching $790 million, and short sellers cheering. But when the smoke clears, on-chain data tells a different story — long-term holders, short-term traders, and big whales have already quietly exited.

On the surface, the technicals look thoroughly defeated. The flash crash from the 4000-point volume spike directly broke through the medium-term upward channel, completing a full liquidation of longs and shorts. Funding rates turned negative, open interest and trading volume shrank simultaneously, and the enthusiasm for leveraged speculation has cooled off completely, leaving the market in a state of wait-and-see.

But the real interesting part is below — a new battle pattern is forming. Near $91,600, there are $900 million in long liquidation orders, serving as a natural support for the rebound; conversely, at around $93,500, there is $1.1 billion in short liquidation pressure, and between $93,500 and $94,000, a dense zone of positions forms a ceiling for the rebound.

In plain terms, the current rebound is not a big deal. As long as it doesn’t break through this ceiling, it can only be considered a technical correction after an oversold condition. The market structure has fundamentally shifted — from a one-sided rally to a state of oscillation and confrontation. On-chain data and technicals are no longer at odds; instead, they are pointing to the same signal: the market is redefining a new equilibrium.