Most traders short, too much so....Whales kept buying up the market triggering stop losses until the shorts got liquidated.
The liquidations market close and are settled with buys up the order books, squeezing up. With FOMO retail buying and traders leverage shorting every resistance it could push to next resistance. 82xx massive resistance 94xx
The whales that accumulated leveraged long positions between 3200 and 4000. They will dump their positions at profit.
Rinse and repeat... If market can absorb the retraced price a new higher support floor is created to spring to higher highs, If not a similar triangle forms to the bear market 6k floor will develop until eventually exhausting and breaks down to lower support levels until bottom found.
Good news is that key moving averages have turned up with this big move so investors may see that as a bullish reversal sign and could end buy.