Last night's market suddenly surged, and many people asked about the reason. Actually, this is not an unexpected event, nor is it driven by any particular news— the real catalyst has long been embedded in the previous trend.

Let's look at the facts. The market has been consolidating for a while, moving sideways without any significant change. Bulls and bears are both waiting, and no one dares to take the lead. The most dangerous situation at this point is not bad news, but something else— the entire market is collectively bearish and cautious.

Last night's rally can be summarized in three points.

**First, bearish expectations far exceeded reality.** After such a long consolidation, many people defaulted to "a correction is inevitable." Stop-loss orders, short positions, and cautious sentiment piled up. Once the price broke through that key zone, these expectations became the driving force— forced stop-losses and forced covering turned into fuel for the rally.

**Second, funds are seeking certainty.** With no clear direction in the altcoin sector and frequent sector rotations, money naturally flows into the main market and mainstream coins. First, they boost the index to stabilize confidence, then they play with structure— this is a common routine.

**Third, technicals are just a switch.** Technical breakthroughs themselves are not powerful; what truly drives prices are those forced to cover short positions and funds that missed the move. So you'll notice a characteristic— it's not a full bloom of different sectors, but rather a weighted push from the top, with a very controlled rhythm.

This kind of rally isn't really enthusiasm-driven; it more resembles a market "re-pricing" of the price.

What to watch next is not whether it will go up or not, but whether it can hold the pullback and whether trading volume can continue to follow. The trend is still ongoing, so don't rush to draw conclusions. The clearest direction often becomes apparent only after the rally and shakeout are complete.