The data from the past 12 hours is quite interesting—the amount of short liquidations reached $850,000, which is three times that of longs. The price is declining, but on-chain data shows large inflows of funds. This contradictory phenomenon is worth pondering.

Looking at three phenomena from the data perspective:

First is the liquidation ratio. A 3:1 short liquidation ratio indicates that short sellers are under significant pressure; this kind of asymmetric liquidation often creates upward momentum. Market sentiment hasn't fully shifted yet.

Second is the capital flow. AI monitoring shows that during the price pullback, there were instead large buy orders coming in. This kind of contrarian move is usually not retail behavior—either institutions are building positions, or someone is bullish on the future trend and positioning early.

Third is the technical pattern. The price has pulled back to around the EMA7, which often acts as support in an uptrend. If it can stabilize here, it could theoretically form the basis for a secondary move up.

If you’re looking for an operational reference:

Watch the price range: The $1.70–$1.75 pullback area is worth considering for tentative, staggered entry.

Set target levels: Short-term target at $1.85; if it breaks the previous high, watch for around $1.97.

Risk control line: If it falls below the structural support at $1.63, the logic needs to be re-evaluated.

Position management: It’s recommended to keep positions within 20% of your total portfolio to allow for adjustments.

The market will repeatedly offer opportunities amidst volatility. A pullback isn’t always a risk—sometimes it's a window to re-enter. The key is to watch whether capital flows and technical structures are aligned.