BTC swings between key liquidation levels; $2.192 billion short liquidations reveal market opportunities

According to the latest data, BTC is currently at a critical liquidation strength threshold. If BTC breaks above $96,298, the cumulative short liquidation strength on mainstream CEXs will reach $2.192 billion; conversely, if it falls below $87,814, the long liquidation strength will reach $1.525 billion. Currently, BTC is priced at $91,767.70, precisely between these two liquidation levels, and this position is becoming a focal point of market attention.

What Does Liquidation Imbalance Reflect?

Based on Coinglass data, this asymmetric liquidation strength pattern warrants attention. The upward short liquidation strength ($2.192 billion) is significantly greater than the downward long liquidation strength ($1.525 billion), with a difference of approximately $0.667 billion. This imbalance typically indicates greater resistance to upward movement in the market but also suggests that once resistance is broken, profit potential could be higher.

Price Distance and Risk Assessment

From the current price:

• The distance to the upward liquidation trigger point ($96,298) is about $4,530, requiring approximately 4.93% increase.
• The distance to the downward liquidation trigger point ($87,814) is about $3,953, requiring approximately 4.31% decrease.

This means the downside is relatively closer, but the upward liquidation strength is greater. The market is actually in a relatively balanced but slightly tense state.

Institutional Attitude Shift Provides Support

Relevant information shows that market sentiment has recently improved significantly. The Fear & Greed Index has risen from 29 at the end of 2025 to 40, moving out of the “Extreme Fear” zone. More importantly, Coinbase premium spread has returned to zero, indicating that US institutions are resuming purchases. This signal is crucial for whether BTC can break through the upper liquidation level.

Additionally, on-chain data shows frequent whale activity. Bitcoin miner Marathon Digital transferred 288 BTC to market maker Wintermute, and large whales like bc1qvl have also recently made large transactions. The movements of these institutions and major holders often indicate market participants’ judgment of the price trend.

Two Possible Market Directions

Conditions for an Upside Breakout

If BTC can break above $96,298, triggering $2.192 billion in short liquidations, this will create a strong upward momentum. The current institutional reaccumulation attitude, improved market sentiment, and active whale movements all provide a foundation for this breakout. The target space after the breakout requires further observation.

Risks of Downward Pullback

If BTC falls below $87,814, triggering $1.525 billion in long liquidations. Although this number is relatively small, considering that institutions have just re-entered positions, such a decline could undermine market confidence. However, from a distance perspective, this level is relatively closer in terms of support.

Key Observation Points

Factors to focus on include:

• Continued inflow of institutional funds (whether Coinbase premium spread remains sustained)
• Impact of macroeconomic data (relevant info indicates macroeconomic uncertainty still exists)
• Subsequent whale activity (whether they continue to build or reduce positions)
• Technical support levels (BTC long-short ratio remains above 1.0)

Summary

BTC is currently in a critical price range, with liquidation strength imbalance providing clear reference levels for market participants. The $2.192 billion short liquidation strength exceeds the $1.525 billion long liquidation strength, reflecting a market expectation and resistance toward upward movement. Meanwhile, the shift in institutional attitude and improved market sentiment lay a foundation for upward potential.

For traders, $96,298 and $87,814 are two key levels to watch. In the short term, whether BTC can find balance between these extremes or break through in one direction will determine the next market move. The current market structure more reflects a state of accumulating strength, and the true directional choice may require further confirmation from macro or technical signals.