$ZEC In this round of the market, the bears are probably about to collectively reevaluate their life choices.

Let me start with a brutal fact: in the past 4 hours, ZEC short positions were liquidated for $4.34 million, which is more than 5 times the amount of the longs. Even crazier, 74% of positions on Bitmex are short, and on WhiteBIT it's 65%. This scene is like setting up a barbecue stand under a rocket launch pad—you really have to wonder where they got the confidence.

The current situation is quite interesting. Bears are stubbornly refusing to close their positions; as the price rises, forced liquidations are triggered, which means the system has to buy coins at market price. This pushes the price even higher, triggering the next round of liquidations. It's a self-fulfilling cycle that just won't stop.

The data is even more exaggerated. In the past 12 hours, losses for shorts have been 8.2 times those for longs. This isn't a normal bull-bear contest—it's one-sided capital harvesting. Every candlestick surge is backed by a collective sacrifice of contrarian positions.

Technically, the chart is pretty honest: the price is above all moving averages, and the MACD golden cross is still expanding. The current consolidation on this platform looks more like an opportunity for latecomers to get on board, while giving the remaining shorts some time to consider surrender before they get liquidated.

To be frank, the scariest thing about a short squeeze isn't how much it rises, but that you don't know where it will stop. The target range of 425 to 488 can be used as a reference, but real risk control is at the 378 trendline. If it breaks below that, the rules of the game change.

The market never cares about logic, only about chip distribution. When 74% of people are on the wrong side, the remaining 26% hold the pricing power. This ZEC move is a textbook example.