Bitcoin's push toward the $93,000 mark could trigger a cascade of forced liquidations in the derivatives market. If that level gets breached, over $4 billion worth of leveraged short positions stand to be wiped out in one go. This kind of liquidation event typically sends shockwaves across the market—traders get margin-called, positions unwind rapidly, and volatility spikes. For those running shorts with high leverage, it's a critical pressure point to watch. The concentration of short bets at these levels suggests real tension between bears banking on a pullback and bulls pushing for momentum. Whether Bitcoin actually reaches that threshold or bounces off earlier will likely determine the next phase of market structure.