Bitcoin has finally shown some signs of life in the past couple of days, with a bit of vitality on the weekly chart.

During the recent Asian trading session, Bitcoin surged past $90,000, with daily gains fluctuating around 3%. Ethereum was not idle either, rallying above $3,000 with an increase of nearly 4%. For those long traders who have been continuously "squeezed out," this upward move is a rare breathing space.

An interesting comparison emerges: on Christmas Eve, the US stock market was on fire, with the S&P 500 hitting new highs, and the scene was quite lively. But Bitcoin at the same time? Almost no reaction, with prices basically staying put, and many people complaining, "This Christmas rally completely missed me."

**Why is this rebound being watched so closely?**

Ultimately — because the previous decline was too severe.

Since the continuous sell-off starting in October, about $19 billion worth of leveraged long positions have been wiped out. Liquidations and margin calls have come in waves, harvesting traders repeatedly. The result is that traders' morale has hit rock bottom: most leveraged positions are nearly cleared, sentiment is collapsing, and everyone is afraid to go all-in on a rebound, preferring to hold light positions and watch.

So whenever the price makes a decent push upward, the market's first reaction is: Is this the "last gasp" of a dying rally, or the true start of a "new trend"?

**Where is the real money?**

According to institutional observations, a significant portion of this December 29 rally was driven by short-term retail traders increasing their positions in the futures market. In other words: the long-term big players with real influence haven't shown clear signs of entering en masse yet. They might be watching, or waiting for more definitive signals. The current market situation, frankly, is retail testing the waters while big funds are still contemplating.