btc從3日文章就提到了上行炒多不容易，上行路線將會非常坎坷。

Regarding BTC, I want to share my thoughts on why I mentioned last December that BTC was entering a new milestone, to reduce the leverage ratio from 5x to 3x. And why it has been referred to as a bull market no matter what since then.

First, a bunch of people want to buy spot to go long, but they can't buy because the price will skyrocket as soon as they do, and they can't afford to be the ones to take the loss.

They create liquidity sell orders by shorting MSTR to allow themselves to purchase at a low price; they find ways to force all platforms' spot supply to come out in order to make purchases.