Yesterday's market movement was truly刺激. The candlestick plunged sharply with needle-like wicks, and the comment section was full of voices like "liquidated" and "dumping the market," with many people thinking a major crash was imminent. However, from a data perspective, this wave of操作 actually reveals a clear intention— all the downward moves centered around the 86200 to 86500 price range, which doesn't look like random dumping but rather someone repeatedly testing the bottom, quietly accumulating behind the scenes.

Four needle-like wicks, four precise touches at the same level. At 13:42, it dropped to 86460, instantly swallowing 980 BTC; at 16:10, it pierced to 86380, with 1200 BTC directly taken over; at 18:55, it hit 86240, with 1600 BTC eaten up in one go; and at 21:12, the most aggressive stab to 86180, with 2100 BTC cleared instantly. Each rebound was faster than the last, as if deliberately provoking retail traders' reaction times.

This is definitely not a sign of being broken through. Repeatedly testing at the same price level, each time more aggressively, indicates someone continuously absorbing sell orders. Those cheap chips scared out of the market are being swept into the pockets of smart money one after another. The more vicious the needle wicks, the more aggressively the takers step in—this is a classic trap of诱空 (baiting the market to fall).

Order book data is even more interesting. The buy side with 8500 BTC of depth is firmly supporting the bottom, equivalent to about 730 million USD of funds locked at this level. This isn't the force that retail traders can exert; there must be institutional-level participation behind it. Panic sell orders are immediately absorbed as soon as they appear, and this reaction speed and volume of funds clearly indicate that the main players are purposefully building positions.