Currently, the main buyers in the market are futures shorts, while the main sellers are spot.

Futures longs are not experiencing FOMO to chase the highs; on the contrary, they are very cautious. Throughout, the dominant force has been the futures shorts...

The main reason prices have broken new highs five times is not only due to the spot buying during trading days but mainly because shorts keep shorting against previous highs.

In a sense, if no one dares to short, the price should correct, but so far, shorts still expect every new high to be the peak, so they continuously provide fuel for the price, which also offers liquidity for these spot sell orders;

Theoretically, as long as the shorts do not give up, this upward trend can continue until the 80,000 mark, as there is quite a bit of spot supply there;

The current market only requires you to patiently hold your positions and adjust stop-loss orders. The main theme of these new highs is: "Completely subdue the shorts"...

If you are currently feeling uncomfortable about missing out and want to wait for a pullback, it’s best to take a longer-term perspective, because as long as the market provides an opportunity for a pullback, the main theme of that pullback will be: "Completely subdue the longs".

For long-term spot positions, there's not much to say; just sell gradually as it rises. In the long run, these short-term fluctuations can be completely ignored. For short-term positions, above 80,000, it is entirely reasonable to reduce positions or exit.