If we break new highs, people start fomoing into long positions only to realize we don't have the fuel to break resistance we haven't yet even touched. In order for leverage trading to be directional to price action, there needs to be more people actually trading spot. For instance, if everyone is going long, market makers can just use that to cause the market to move in the opposite direction if there aren't the same amount of positions open on spot.
I think we are due to at least test 8500 once, but with everyone in the same mindset that if we break new highs, were FOR SURE going to 10k. This is bad thinking and just another example of why it's good to be a contrarian. The moment we create a new local high, every oscillator will be screaming divergence. I can't imagine this being algorithmic, it would have to be 100% market maker participation.
Bitcoin as of recently has not been a technical market, it has been 100% emotional. At this moment, It's a contrarian's market and has been since we capitulated below 6k back in November 2018.
Market makers have 1 job, that is to make a market and they have been doing a good job creating a ton of emotions along the way.
The real question is... when will people stop longing the dips rather than actually buying the dips? This is going to be interesting.