Bitcoin faces over 1.07 billion liquidation pressure at critical levels, with a severe imbalance in risk structure.

According to the latest news, Bitcoin’s current price is around $90,696, just one step away from a critical liquidation level. On-chain data shows a significant disparity between the liquidation pressure of long positions below and short positions above, reflecting a noteworthy risk signal in the market structure.

Comparison of Liquidation Intensity Data

According to Coinglass data, there is a clear imbalance in liquidation intensity at two key price levels:

If Bitcoin drops below $90,000, the cumulative long liquidation strength on major CEXs will reach 1.07 billion If Bitcoin breaks above $92,000, the cumulative short liquidation strength on major CEXs will reach 417 million

This means the liquidation pressure on longs below is 2.56 times greater than the pressure on shorts above, indicating a severe imbalance between bulls and bears.

What is Liquidation Intensity

Liquidation intensity is not an exact count of contracts pending liquidation or the specific value being liquidated. It shows the relative importance of each liquidation cluster compared to nearby clusters. Simply put, the taller the liquidation bar, the stronger the liquidity wave generated when the price reaches that level, leading to more intense market volatility.

Implications of the Current Price Position

Bulls Face Greater Pressure

Bitcoin’s current price of $90,696 is very close to the key support level of $90,000. According to relevant data, BTC has fallen 1.94% in the past 24 hours, meaning it is very close to triggering a $1.07 billion level of long liquidation strength. A break below this level could trigger chain reactions of liquidations, further intensifying downward pressure.

Bears’ Defense Line is Relatively Weak

In contrast, the short liquidation strength above at $92,000 is only 417 million, less than 40% of the lower level. This indicates that even if Bitcoin rebounds and breaks above $92,000, the liquidity impact of short liquidations will be relatively small.

Insights into Market Structure

This unequal distribution of liquidations reflects a phenomenon in the current market: leveraged long positions are more concentrated, and risks are also more concentrated. To some extent, this suggests that market participants have a strong bullish outlook on Bitcoin, but it also means these long positions are more susceptible to a “liquidation cascade” when prices fall.

Follow-up Focus

From the current price perspective, both the $90,000 and $92,000 levels warrant close attention. If Bitcoin can hold above $90,000, it may gradually test upward resistance. However, if it falls below $90,000, the $1.07 billion long liquidation strength could become a significant market event, requiring close observation of its actual impact on the trend.

Summary

Bitcoin is currently at a sensitive price point, with significantly greater liquidation pressure on longs below than on shorts above. This reflects a concentrated distribution of leveraged long risks in the market. The $90,000 and $92,000 levels are key points to watch, as they could serve as critical turning points for the subsequent trend. Market participants should be aware that this imbalance in liquidation structure may amplify market volatility at critical moments.