The batch of 29-year zero-coupon bonds issued by MSTR has become a thing of the past. It’s basically impossible to get such interest-free financing anymore. In contrast, the company's already issued preferred shares have annual interest expenses exceeding 300 million, and what's more painful is that this expense is increasing year after year. Looking at the potential growth of BTC in the next few years, honestly, it’s hard to see a 3x increase. Compared to the current annualized cost of shorting at about 10%, as long as the short position can withstand three years without liquidation, the pressure the company will face when the 29-year bonds mature is easy to imagine. By then, MSTR will very likely be in trouble. This time-for-space logic indeed carries significant risks for holders.

Translating the previously saved market screenshots, I suddenly realized a painful truth — if I had been ruthless enough to sell back then, my life might have already changed. So, I ended up saving a bunch of photos, but left nothing in my account. Looking at each screenshot, all I see is regret. The peak of the market, the moment Bitcoin skyrocketed, those "missed it, wait four more years" moments… I remember them all clearly. The only thing I forgot — when to close my eyes and sell. Many people are like this, analyzing historical K-line charts convincingly. But when standing at the crossroads, their fingers just can't press the sell button. Greed, luck, fear of missing out… all kinds of reasons team up to persuade you to hold on. As a result, when the market suddenly turns down, those screenshots become the best lessons, constantly reminding you: trading has always been easy to understand but hard to execute.

Bitcoin's recent rally to around 95800 seems to be clearing out short positions. The key is what happens next—if it really drops sharply, that will present a genuine trading opportunity. From a technical perspective, the plan can be outlined as follows: **Main Strategy (Focus on Shorting)** Gradually short in the 95750-95950 range, where resistance is clearly visible. Place stop-loss at 96350. If the price stabilizes above this level and the 4-hour trend reverses, then accept the loss and exit. Take profits in two stages: first, close part of the position at 95050; the remaining position continues downward toward 94250. **Alternative Plan** If the price breaks below 95000 (1-hour candle closes), wait for a rebound back to 95000 before shorting again. This approach helps avoid the risk of chasing a move on the right side. The core logic is: don't bet on it continuing upward; instead, patiently wait for the bulls to exhaust their firepower before counterattacking. Manage your position size carefully and proceed cautiously.