I saw the news that Bitcoin broke above $75,000 yesterday, but it dropped back down quickly. It’s currently trading around $73,480. I thought this rally was driven by genuine buying pressure, but when I looked closely, the situation was a bit different. It seems the move was triggered by large-scale put option liquidations in the derivatives market. In particular, as $60,000 put options were liquidated, the market makers had to unwind their hedges, and in that process, buying demand related to coin liquidations emerged. However, there was no sign that this was the end of something—rather, the beginning. Normally, in such cases, call option buying increases in preparation for an additional upswing, but there wasn’t any such movement. In the end, this increase wasn’t driven by new demand; it was just a reshuffling of existing positions. The same was true for other altcoins. Ethereum couldn’t hold the $2,300 level, Solana couldn’t maintain the $85 Asia session high and pulled back. BNB retreated from the $610 level, and Dogecoin also fell back near the 9 cents mark, unable to keep the Asia session high. This suggests that coin liquidation pressure was broadly at play. From the standpoint of market sentiment, the $74,400 level is acting as a key resistance. It means the reference point from the previous cycle still remains in traders’ minds. If this level can’t be broken through, bearishness could continue in the short term. With no clear catalyst, chasing a rally still reflects a cautious atmosphere, and once again, I confirmed that upward moves that rely on technical factors like coin liquidation tend to have weak sustainability.