Today the market is a bit lively. In the past 24 hours, the total liquidation volume across the entire network reached $136 million, with long positions liquidated at $69 million and short positions at $67 million. Bitcoin liquidations amounted to $18 million, and Ethereum to $21 million. It seems that leveraged traders have been shaken out significantly.

The US stock market is also moving — the Dow Jones Industrial Average rose 0.48%, while the Nasdaq fell 0.81%, and the S&P 500 slightly increased by 0.65%. Interestingly, Circle (CRCL) surged by 4.95%, but the strategy-oriented company MSTR lagged behind, dropping 5.77%.

Turning to Bitcoin’s technical analysis. The current price is oscillating around 91,540. Below this level, the 89,000 to 90,500 range is a dense liquidation zone for bulls. This area mainly involves high leverage positions of 50x and 100x. If the price falls back to these levels, passive stop-losses could trigger a chain reaction, amplifying downward pressure.

Looking upward, the 92,000 to 94,000 region is gradually accumulating short liquidations. If Bitcoin can effectively break through the current consolidation zone to the upside, it may trigger a short covering wave in the short term, pushing the price higher.

Funding data is also worth noting. Over the past day, BTC spot inflow was $243 million, outflow was $207 million, with a net inflow of $36 million. The funding situation remains somewhat positive, though the volume isn’t particularly large. Overall, in the short term, BTC is still in a state of indecision at this level, with downside liquidation support below and short covering pressure above.