Recent market conditions and liquidation data have already explained everything.

In the past 24 hours, the total liquidations across the entire network reached $540 million, nearly 200k people were forced to liquidate, and the market can be described as blood flowing in rivers.
More importantly, long positions accounted for the majority of liquidations, with over $240 million in longs being wiped out, indicating a strong chasing-high sentiment. Once the price retraces, it results in a chain of liquidations.

This kind of market essentially is a typical high leverage + oscillation harvest scenario; the price hasn't truly established a trend, but leverage funds are constantly being cleaned out.
A rise kills the longs, a fall kills the shorts, repeatedly harvesting.

What you see is oscillation; what I see is that those without risk control are just giving money to the market.
That's why I always emphasize that Art leads the trades, and risk control should always come first.

Don't blindly chase highs, don't stubbornly hold onto the wrong direction.
Take profits when needed, accept losses when necessary.
Oscillating markets rely on rhythm, not gambling with your life.

The market creates opportunities every day but also eliminates people.
Those who survive are never the ones who earn the fastest,
but those who have the smallest drawdowns and last the longest.