$1.108 billion long positions liquidated, BTC hovers between key price levels

According to the latest data, Bitcoin is currently in a sensitive zone between two key liquidation price levels. If BTC drops below $87,223, the liquidation strength of mainstream CEX long positions will reach $1.108 billion; conversely, if it breaks above $96,232, the short position liquidation strength will reach $635 million. The current BTC price is around $91,809, only about $4,600 away from the downside trigger point, making the risk structure worth关注.

Liquidation Imbalance, Bullish Pressure Greater

According to Coinglass data, the liquidation strengths in both directions show a clear imbalance:

The long position liquidation strength ($1.108 billion) is far higher than the short position liquidation strength ($635 million), with a difference of nearly $500 million. This indicates that more long positions have accumulated in the market, and once a downward liquidation is triggered, the chain reaction could be larger.

Current Price in a Symmetrical Risk Zone

Downside risk is closer at hand

BTC’s current price of $91,809 is only about $4,600 away from the downside trigger point, representing roughly a 5% drop. The upside trigger point is about $4,400 away, making the two roughly symmetrical. However, due to the larger long liquidation strength, the potential impact of downside risk is stronger.

Market Structure Signals

Based on relevant information, the current market shows several characteristics:

• Asian capital dominates price movements, while US capital has not yet actively entered
• Large Bitcoin holders (addresses with 1,000–10,000 BTC) are holding at a one-year low, with the fastest decline since early 2023
• This reflects a cautious attitude among long-term holders, possibly indicating a lack of strong support for the market

Personal Opinion

From the perspective of liquidation strength, the current market structure is unfavorable for bulls. The $1.108 billion long liquidation strength is like a “sword hanging overhead”; if the price breaks below $87,223, chain reactions could trigger more intense volatility. Additionally, factors such as declining large holder positions and the absence of US capital suggest the market may lack sufficient buying support for a downward move.

In contrast, reaching $96,232 requires breaking through more price space, and the relatively smaller short liquidation strength may imply limited upward potential.

Summary

BTC is currently in a sensitive zone with an imbalance in liquidation strength, with bullish pressure clearly exceeding bearish pressure. The $4,600 downside space is relatively small, while the $1.108 billion long liquidation strength could become a significant market risk point. Investors should monitor whether this key price level becomes a trigger point and whether triggering it could lead to a larger chain reaction. Additionally, the timing of US capital entering and whether large holders start building positions will be important references for judging the subsequent market direction.