BTC is caught between $1.8 billion liquidation levels, with both bulls and bears betting on the direction.

Bitcoin’s current price is $92,063, positioned at an extremely sensitive level. According to the latest news, if BTC falls below $87,431, the cumulative long liquidation strength on mainstream CEXs will reach $1.812 billion; conversely, if BTC breaks through $96,258, the cumulative short liquidation strength on mainstream CEXs will reach $1.448 billion. The current price is precisely between these two critical points, and any breakout in either direction will trigger a large-scale liquidation.

Analysis of Key Liquidation Points

Downside Risks for Longs

From the current price, BTC has about $4,600 of space before reaching the long liquidation threshold at $87,431. This means that a drop of approximately 5% would be enough to trigger $1.812 billion in long liquidations. This figure is not negligible—if it occurs, a large number of investors holding long positions will face forced liquidation.

According to the latest data, in the past 24 hours, the total liquidations across the network amounted to $75.93 million, with longs accounting for 68.7%. This reflects a significant pressure on long positions in the current market.

Upside Risks for Shorts

In contrast, the resistance level for shorts is at $96,258. From the current price, this requires about a 4.5% increase. Although the distance is greater, the short liquidation strength of $1.448 billion is equally substantial. Once broken, stop-losses for shorts will follow quickly.

Strategic Significance of Price Levels

Interestingly, the long liquidation strength at ($1.812 billion) is significantly higher than the short liquidation strength at ($1.448 billion), indicating that the current market has a relatively larger long position scale.

Signals of Market Sentiment Deterioration

More noteworthy is the performance of Coinbase’s Bitcoin premium index. According to the latest data, this index has been in negative premium for 7 consecutive days, currently at -0.1184%. This is an important market sentiment indicator.

Negative premium means that BTC prices on Coinbase, the largest compliant trading platform in the US, are below the global market average. This typically reflects:

• Greater selling pressure in the US market
• Reduced enthusiasm from institutional and compliant funds entering the market
• Increasing risk-averse sentiment among traders

Over the past 28 days, 26 days have been in negative premium. This indicates that the US market’s attitude towards BTC is not optimistic. In contrast, other global markets are relatively more bullish, creating an interesting divergence.

True Reflection of Market Risks

From broader market data, this liquidation pressure is not unfounded. In the past 24 hours, total liquidations across the network reached $75.93 million, including $1.58 million in Bitcoin long liquidations and $1.44 million in short liquidations. Although the liquidation scale for individual coins is not the largest (Ethereum’s liquidations are larger), the overall frequency and scale of liquidations are increasing.

Summary

Currently, BTC is like walking between two high-pressure lines. The $1.812 billion long liquidation threshold below and the $1.448 billion short liquidation threshold above are enough to trigger chain reactions upon reaching them. Coupled with Coinbase’s long-term negative premium signal, the overall market sentiment is cautious.

For investors, volatility in this price range is likely to increase. Both longs and shorts need to manage risks carefully. When the market is at such a critical point, rapid directional shifts are most prone to occur. The next move will depend on whether there is enough strength to break through these liquidation levels.