Today, Bitcoin's movement is extremely bizarre—simply put, the candlestick charts are playing tricks, and the real battlefield is the critical threshold of positions.

Look, market sentiment has already completely collapsed, but why isn't the price dropping? This doesn't make sense. Very suspicious.

Breaking down the market data: in an extremely panic-driven market, the price is still firmly stuck at the 85,000 level. It dipped as low as $84,450, then rebounded to over $87,000, and now it’s fluctuating back and forth between 85,000 and 87,500. In the past 24 hours, the entire network has seen $484 million in liquidations, with longs liquidated for $336 million and shorts for $148 million. The fear and greed index is only 16, which signals extreme fear. But despite this panic atmosphere, the price hasn't plummeted—someone is holding it up forcefully, clearly.

Speaking of which, the Bank of Japan raised interest rates by 25 basis points today and hinted that further hikes might follow. Historically, after Japan raised rates three times, Bitcoin crashed each time, with declines of -23%, -26%, and -31%. But today, there's actually a rebound. Why? Because this risk has already been priced in by the market—that's called "bad news is fully digested." After a brief respite, the inevitable decline will still happen.

The true support isn't coming from retail investors but from the battle of positions among whales. One trader has won nine consecutive trades, holding $72 million worth of Bitcoin and Ethereum short positions with unrealized profits. Meanwhile, large Bitcoin holders are depositing 5,152 BTC into a major exchange, worth about $444 million—an intense game behind the scenes.