Millions in short positions now cluster above $106k after leverage flush

Bitcoin futures have made a surprising recovery, reaching parity with spot prices after a dramatic 5% slump earlier in the week wiped out over $4 million in long positions. The BTC-USDT perpetual contracts on Binance bounced back from a low of $100,700, nearing previous highs. Amidst this, significant trades hit the market, including a $17.6 million buy order during an $86 million rally. But what's the unseen force behind this recovery and what's next as the market enters a crucial phase between $108,000 and potential support at $102,000?

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