Bitcoin’s short-term fluctuations: a tug-of-war between a macro-driven bull market and a bear market

Short-term volatility in Bitcoin has intensified, with the major centralized exchanges (CEXs) having short positions of $1.07 billion and holdings at $11,800, while long positions at $678 million and holdings at $11,400, reflecting the divergence of market sentiment caused by geopolitical tensions and macroeconomic changes. Large-scale clearing indicates a potential trend turning point, while technical analysis shows that Bitcoin trading is in a narrow range, with key resistance and support levels being closely watched. Despite the short-term uncertainty, the adoption of institutional investors and the role of Bitcoin as an inflation hedge still support the long-term prospects of Bitcoin.