Recently, all the focus in the crypto market has been on ZEC. Just after the 24-hour liquidation data was released, I was shocked by this set of numbers — $4.49 million in short liquidations versus $560,000 in long liquidations, a disparity so huge it's almost unbelievable.

Some might think this is just a numbers game, but in reality, it’s the most direct reflection of market sentiment. Over the years in crypto analysis, I’ve seen countless scenarios of long versus short confrontations, but a situation where short positions are eight times more than longs is indeed rare. What does this indicate? A consensus has formed around ZEC’s current price, and the bears have completely taken the narrative.

Many retail traders see such a large decline and think, "It must rebound eventually." Honestly, I have to say: rebounds during a downtrend are often just fleeting. The $4.49 million in short liquidations means a large number of retail traders and small to medium institutions bought high and are now being harshly punished; meanwhile, the $560,000 in long liquidations shows that the shorts are not panicking and are even adding to their positions.

Looking at the technical side, ZEC’s rebound is being blocked at the dual resistance levels of EMA7 and EMA25, which are crucial for short-term trends. When the price cannot break through this zone, it indicates that the rebound momentum is severely lacking. Combining this with the liquidation data, it’s clear that the market’s willingness to short remains strong. Those looking to catch the bottom should observe carefully and avoid rushing into the trap.