After the initial peak of fluctuations, we are currently testing the bottom of the first round of the fluctuation range. Here is an analysis of the current market situation based on relevant data:

1. Position Changes

In the development of the market, changes in position volume are evident. As the peak of fluctuations forms, the 'bulls' who entered at high prices have exited due to unexpected market movements. Meanwhile, the 'bears' who entered later are gradually taking profits as the market corrects their short positions, reflecting a shift in strength between bulls and bears.

2. Long-Short Ratio Trends

The long-short ratio indicator shows significant changes amidst market fluctuations. Previously at 0.7, indicating a dominance of shorts; it has adjusted and now risen to 1.4, suggesting that main funds are entering a phase of taking profits on short positions while gradually buying long positions, providing clues to understand the intentions of the main players and shifts between bulls and bears.

3. Liquidation Data

In this fluctuation, taking Bitcoin as an example, there has been a correction of about 10 points, with a total of 1.3 billion in long liquidations across the network, highlighting the force of the correction and its impact on long holders, also reflecting the intense price volatility and high risk for investors during the fluctuation period.

4. Order Book Information

Observing the order book, based on the test data at the 90,000 price level last night, the price near 90,000 will trigger significant buying activity, indicating strong support around 90,000, which can hinder further price declines.

5. Comprehensive Judgment

Considering all data and market performance: the fluctuation peak is at 99, and we are currently testing the bottom. Correction data shows emotional bulls opening positions, with the first position likely above 98, and if the market corrects again, the second position is around 95.

Combining positions and declines, most of the initial long positions have either stopped loss or been liquidated. Based on previous experiences with fluctuation ranges, 85 - 88 may be a relatively safe fluctuation bottom range, and the market is expected to find solid support here, laying the foundation for future trends.

It should be noted that the market changes rapidly; the above analysis is based on current and past experiences, but it is essential to continuously monitor market dynamics to make informed investment decisions.

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