#数字货币市场洞察 $ZEC This recent price movement has indeed caught many bears off guard.

Let's talk about a few interesting phenomena observed from the data:

**Capital flows are very unusual**
There has been a sustained net inflow on the spot side, which usually means funds are making long-term allocations. At the same time, a large amount of new positions have poured into the futures market. When spot remains stable and futures surge, this combination has historically indicated that the trend is likely to continue.

**Bears are being squeezed**
Liquidation data from the past 4 hours shows that the amount of short liquidations is three times that of longs. Even more striking, shorts account for up to 71% of open interest on Bitmex—this means that every time the price moves up, a chain of forced liquidations is triggered, which in turn pushes the price even higher. Once this "short squeeze spiral" starts, it often happens rapidly and violently.

**Technical indicators are cooperating well**
After a V-shaped reversal, the RSI is currently around 58, in a strong but not overbought healthy range. The MACD just formed a golden cross, with momentum still building. Structurally, this rally is not an overextended surge; there's still room to run.

**Market sentiment is divided**
Although the price action is strong, shorts still account for over 52% of the market. When most people are still skeptical, that's often when the trend is the most solid. True accelerated rallies usually happen when the doubters are forced to capitulate and jump in.

**If you want to participate, what’s a reasonable approach?**

Chasing highs is not a good choice. A safer way is to wait for a pullback to enter:
- The 355-358 range is the first level to watch, where there is previous platform support
- If it pulls back to 345-348, the risk-reward ratio will be even better
- A stop loss can be set below 333, which is the signal for structural breakdown
- Target zones can be set at 380/400/420

The market will never give you a perfect entry point, but data and structure can tell you where is relatively reasonable. Following the trend doesn’t mean blindly chasing price—it means looking for low-risk opportunities during pullbacks after the trend is clear.

Trading is essentially a game of probabilities; we only take the side with higher odds.