Why does $BTC frequently draw a door? I think the point made by @大老师Bugsbunny is very good.

The cryptocurrency market is extremely sensitive to liquidity; it is an index of the global liquidity of the market itself. The price movements in this market are determined by the direction and amount of the opposing positions.

When good news arises in the market, institutions will first chase the long positions, and the delayed retail investors will also chase the long positions. However, if liquidity does not improve and the good news cannot be sustained, the original game relationship needs to be rebalanced.

The bulls become the opposing positions, and thus it turns into drawing a door.