Recent bullish momentum in the crypto market triggered nearly $1 billion in liquidation events, primarily affecting short positions. While this surge appears to be fueled by robust market activity, signals of caution are emerging from technical indicators, raising concerns about a potential market correction. The current price action for both Bitcoin (BTC) and Ethereum (ETH) suggests they are nearing overbought territory, prompting investors to anticipate possible shifts in momentum. 80% of the recent liquidation witnessed on May 8th came from short-selling activities, highlighting a significant shift in trading sentiment. 139,241 traders were liquidated during the same period, amounting to $328 million. Interestingly, although longs saw heavy losses, total liquidations exceeded those of shorts. This behavior aligns with what is often observed during market volatility. Technical indicators such as the RSI and OBV suggest a potential slowdown in price growth. However, the open interest has surged by 1.25%, indicating renewed leverage activity. This increase, coupled with thinning bid walls, raises concerns about a possible cascading liquidation event if support levels weaken. The future of this market hinges on how whales navigate these challenges. Whether they choose to distribute or consolidate above supply levels, their actions will undoubtedly test the order books.