At 18:00 (UTC+9), Bitcoin (BTC) rallied to $51.6k, leading to the liquidation of a $27M bulk short position. For a subsequent short squeeze to succeed, it must be accompanied by upward volatility and spot buying. In past short squeeze cases, such as on December 6, '23, and January 9, '24, large short positions of over $30M were liquidated, pushing prices higher but failing to create a strong uptrend, resulting in price corrections.

If upside volatility is not generated quickly, we may witness a week of sideways movement followed by a price correction, similar to previous cases. Ultimately, a significant upside move in a short period will be crucial for sustaining the uptrend.

Meanwhile, as Bitcoin moves sideways, altcoins are likely to experience a pumping market. It is essential to closely monitor indicators such as the Kimchi Premium, Funding Ratio, and Short-term holder profit and ratios, which signal overheating in the market.