Leverage 2156.0: This pin point is very critical.

It has pierced through a large number of stop-loss orders. Although an upper shadow appeared, the subsequent rebound volume did not significantly increase, indicating that this is not institutional accumulation on a large scale, but merely a natural rebound caused by short-term profit-taking.

Moving average resistance: Price is well below all moving averages across different timeframes, with extremely heavy trapped positions above. Currently, the price is building a potential rectangular consolidation zone between 2150 and 2350.

Bull trap or bear trap: The current price action looks more like a trap to lure longs. Until the price recovers above 2450, all upward movements should be viewed as better entry points for shorting.

Although open interest has slightly rebounded, it has not returned to pre-crash levels. This means that the remaining market participants are mostly "injured existing funds" cutting each other, lacking large outside capital entering to buy the dip. 1900 is the level to watch, everyone.