The Air Force is trapped. Bitcoin continues to break new highs, is the bull market really here?
Since November 6, Bitcoin has been breaking new highs for four consecutive days. The trend resembles that of gold some time ago. What is the main reason?
From a contract perspective, the vast majority of people are looking to short at high positions, as very few dare to chase long at the current prices. Those who shorted earlier have either been trapped, stopped out, or liquidated, while those who went long have taken profits, or even reversed to short. This cycle continues, with long positions decreasing and short positions increasing, and as the volume grows, the price of the coin will continue to break through these bloodied chips. Furthermore, the media also needs continuous breakthroughs to publish news, which drives market sentiment. Every rise in a bull market is fueled by the strong ammunition of the shorts. It is only when the majority of the shorts are truly subdued, or when some short sellers adopt an attitude of joining the longs when they can't win, that the long-short balance becomes close to real equilibrium. That is when a significant correction occurs. For those who are deeply trapped as shorts, it's a matter of who can endure longer.
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