Bitcoin's recent rally has been quite fierce. It surged to $95,000, hitting a new high since mid-November, and over $500 million worth of short positions were forcibly liquidated. It looks like a classic order sweep.

But a closer look at the technicals reveals some interesting points. Before breaking $95,000, Bitcoin hovered around $90,000 for a full seven weeks. After such a long time, it's still consolidating at the bottom. Is a V-shaped rebound really expected? That's unlikely. And the trouble isn't over yet; the Supreme Court's tariff ruling on January 14 could trigger another wave of volatility.

Even more worth noting are the signals from on-chain data. The holdings of whales and speculative funds both seem quite fragile. This rally is mainly driven by derivatives, not new accumulation on the spot side. In other words, the rise is primarily fueled by leverage rather than genuine buying with real money.

The optimistic sentiment around CPI can currently support the market, but how long can this sentiment last? The market could be shaken at any moment. Stay alert.