This round of continuous upward movement is driven by a confluence of three factors: improved macro liquidity, sustained inflows into spot ETFs, and large-scale short liquidations. Bitcoin first broke through key resistance levels, opening up upward space; Ethereum followed closely behind, leading the gains among mainstream cryptocurrencies, forming a strong pattern of "Bitcoin setting the stage, Ethereum taking the spotlight." The market shows clear short-squeeze characteristics, with every minor pullback being quickly reversed, and the bulls maintaining firm control. On-chain data indicates that whales are continuously accumulating and stablecoin funds are steadily entering the market, providing solid support for the rally. From a technical standpoint, moving averages are aligned in a bullish configuration, MACD remains in a golden cross, and volume and price are perfectly coordinated, confirming that the upward trend is fully established.

In the short term, although the target is the previous high, risks at higher levels continue to accumulate. Short-sellers should patiently wait for signs of stagnation and opportunities for pullbacks after rallies, avoid blindly shorting, and make decisive moves when trend reversal points appear. $BTC $GT $ETH