After Bitcoin broke the historical high of 73,777, I have been saying that Bitcoin won't pull back in the near future and will continue to rise to 80,000. Today, it surged to a high of 79,788; after a brief pullback, it has started to climb again. 80,000 is already a foregone conclusion. Will it pull back as expected above 80,000? Who is buying and selling this continuously rising Bitcoin?

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

Futures bulls are not FOMOing into higher prices; on the contrary, they are very cautious. Throughout, it has been the futures bears in control...

The main reason the price has broken new highs five times is not only due to some buying in CB spot during trading days but mainly because the bears keep shorting at previous highs.

In a certain sense, if no one dares to short, then the price should pull back. However, so far, the bears are still hoping that every new high is the peak, continuously providing fuel for the price and liquidity for these spot sell orders.

Theoretically, as long as the bears do not give up, this advancing pattern can continue until the 80,000 mark, as there is quite a bit of spot supply there.

The current market only requires you to hold patiently and adjust your take-profit levels; the main theme of these recent new highs is: 'Completely defeating the bears'...

If you are feeling uncomfortable about missing out, and want to wait for a pullback, it’s best to broaden your perspective, because as long as the market provides an opportunity for a pullback, the main theme of this pullback will be: 'Completely defeating the bulls'.

For long-term spot positions, there’s not much to say; just sell while it rises. In the long run, you can completely ignore these short-term fluctuations. For short-term, above 80,000, it’s perfectly fine to reduce positions or exit.

The market environment has changed.

The unexpected outcome of the election has significantly alleviated risk concerns, with Bitcoin breaking through to new highs. Although it still needs time to confirm the breakout, any technical perspective should eliminate previous hidden worries.

The four major geopolitical risks, the long-term rise in US Treasury rates, excessive Trump trading, and liquidity risk that have overshadowed this month have now been reduced by half. Due to the unexpectedly strong government, the market may provide a positive risk premium for various assets for some time.

Unfortunately, there has still been no clear improvement in liquidity; this breakout is far removed in momentum and sentiment from the breakout at the beginning of the year. Although many VC coins are at the end of the March consolidation phase, it seems that a large-scale market trend cannot be compared to previous rounds.

In the long term, the bell of a new era has already rung. While macro, political, military, and economic insights vary greatly, the funding operation models and future positioning in the reservoir have been clearly established. It needs to be reiterated that the shift in funding flow paths has already weakened the correlation between BTC and the funds of on-chain altcoins. The so-called comprehensive altcoin season, under the backdrop of high penetration, is left with only two paths: ultra-loose liquidity and innovative advanced gameplay. Either a lot of real money floods in, creating FOMO in the entire market, or you must have something very impressive yourself, like SUI, etc.

The main theme of this bull market is that not all currencies will rise together, which has been the viewpoint I've been conveying throughout the year. From now on, selecting coins must be done with extreme caution.

Manage your positions well, and know your own limits!

If you don't understand this token, definitely don't invest large amounts; don't get hit and still not know why.

You must study well; you always think tuition fees are very expensive, but you don't realize your losses far exceed that, ultimately leading to an imbalanced mindset, causing you to miss opportunities and lose capital.