The Air Force is trapped. Has the bull market really arrived as Bitcoin continues to break new highs?
Since November 6, Bitcoin has been breaking new highs for three consecutive days. The trend resembles that of gold a while back. What is the main reason for this?
From a contract perspective, most people are looking to short at high positions, as very few dare to chase longs at the current price. Those who previously shorted have either been trapped, stopped out, or liquidated, while those who went long have taken profits and even reversed to short. This cycle continues, resulting in fewer long positions and heavier short positions. As the volume increases, the price of the coin continues to break through, stepping on these blood-stained chips. Moreover, the media needs continuous breakthroughs to publish news and drive market sentiment. Each rise in price during a bull market is fueled by the strong presence of the shorts. It is only when the majority of shorts are truly convinced or some shorts decide to join the longs with the mindset of 'if you can't beat them, join them' that the balance between longs and shorts is nearly achieved. That is when a true major correction occurs. For those deeply trapped shorts, it becomes a matter of who can hold out longer.
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