$BTC suddenly reversed and surged hot to 70K, but this is most likely just a fake recovery. The main force driving it is probably shorts closing their positions and exchanges engineering a short squeeze when the short ratio got too high, as I mentioned yesterday. Looking at the Liquidation Map, what’s truly scary is still lurking behind — there are tens of billions of USD worth of positions that would get liquidated if $BTC drops back to the 60K level again. Especially, there’s a paradox right now: $BTC is recovering but volume has dropped very sharply — a bad signal when there’s no fresh spot money coming in. Personally, I’ll stay on the sidelines and observe more.