The most direct driving force comes from market structure. Over the past few days, the scale of short liquidations has far exceeded long liquidations—single-day short liquidations exceeded $200-300 million, with BTC short liquidations accounting for approximately $140 million. Large numbers of short positions were forced to close out and reversed to buy, creating a chain-reaction rally. This is the most powerful catalyst for short-term price surges.
The most direct driving force comes from market structure. Over the past few days, the scale of short liquidations has far exceeded long liquidations—single-day short liquidations exceeded $200-300 million, with BTC short liquidations accounting for approximately $140 million. Large numbers of short positions were forced to close out and reversed to buy, creating a chain-reaction rally. This is the most powerful catalyst for short-term price surges.