The price movement of BTB from last night to today may indicate that the market leaders (not excluding exchanges/market makers) are harvesting the market's liquidity.

The liquidation map of BTB shows that after reaching a recent high of 106,000 last night, the market's ability to harvest short positions is limited due to the lack of short counterparties. The conditions for BTB to reach new highs in the short term are not mature, and the profit-taking from long positions below will also create selling pressure in the market, restricting upward movement and even pushing prices down. This explains the roller coaster ride of Bitcoin from last night to this morning.

The market leaders harvesting liquidity from both sides also indicates that BTB is not sufficiently traded at the current market price, and the stability of the market is inadequate. It can only achieve stability through increased market volatility to facilitate sufficient trading, which means that it will be relatively difficult for BTB to reach new highs in the short term.

The depth of Bitcoin's pullback this morning after a surge slightly increases the probability of forming a short-term top (or at least creating a larger consolidation platform). Although the overall upward trend is intact, once the medium to short-term upward trend since 74,500 is broken, the adjustment space will expand (increased volatility for sufficient trading). The pullback of Bitcoin after reaching above 107,000 this morning also indicates a lack of counterparties for upward movement. The key support level below is in the range of 100,718 to 101,500. If 100,718 is lost, it essentially means that the 100,000 level cannot be held. If the market leaders decide to harvest long position liquidity downward, the support below is referenced at 98,000, in the range of 92,000 to 94,000.

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