Last night's BTC rebound was not simply a positive one. More like a typical case: bearish market crash → selling pressure absorbed → stock bulls repaired. First, let's take a look at the background: Strategy disclosed the sale of 3588 BTC, cashing out approximately $216 million. BTC was hit at $61.3K in the short term, causing panic to escalate. But later, Trump publicly supported crypto, and with the news that his family affiliated entities increased their holdings of 500 BTC and total holdings of over 8000 BTC, the market narrative quickly changed. The real key lies in the opening (see figure): At 21:30, BTC encountered a limit selling pressure of $66.06 million after a dip, but this selling pressure did not crush the price. At that time, the main force actively bought and sold for 17.767 million US dollars, and actively sold for 5.2985 million US dollars, with a transaction difference of+12.4685 million US dollars, accompanied by a significant increase in active buying funds. That is to say, the price did not rebound because there were no selling orders, but was actively bought up when there was clear selling pressure. What's even more interesting is that the $210 million long order has turned from loss to profit, achieving a profit of approximately $4.6 million. But during the rebound period, there was no significant increase in contract holdings, which is crucial! If new leveraged funds aggressively pursue long positions, OI usually amplifies synchronously; But now it seems more like actively buying to take on selling pressure, driving the repair of existing long positions, while possibly accompanied by some short positions being filled. So the judgment of this wave is: short-term emotional repair is effective, but the leverage confidence is insufficient, and the sustainability needs to be verified. Next, let's focus on $64.5K~$65K -If the volume increases and OI starts to rise moderately, the rebound quality will be more solid; -If there is an unlimited surge and OI continues to stagnate, one should be wary that this is just a rebound after emotional repair. What do you think of this wave? Is it a bottom repair signal or a beautiful lure? BTC Strategy Trump