Friends who have been watching the market recently may have sensed this strange anomaly—the imbalance between bulls and bears is quite alarming.

Let's look at the data: if Bitcoin drops below $93,000, the liquidation strength of long positions can reach 1.062 billion; but if it breaks through $97,000, the short liquidation is only 248 million. This ratio is about 4:1, which basically means long positions are heavily accumulated. Once the price moves downward, the forced liquidation selling pressure far exceeds the capacity of short positions to absorb it.

What does "liquidation strength" mean here? Simply put, it doesn't reflect the absolute liquidation amount, but rather the density of leveraged positions at a certain price level. The higher the value, the more borrowed trades are concentrated at that price, making it easier to trigger chain reactions of liquidations—those waterfall-like violent fluctuations.

The range from $93,000 to $97,000 now acts like a dividing line. Breaking above $97,000 could trigger a quick rally driven by short stop-losses; breaking below $93,000 might open up a larger downside space. The next key support level to watch is $89,000, where the long liquidation density reaches 1.127 billion—another potential danger zone.

Why is this price level so critical? Since the beginning of 2025, the crypto derivatives market held positions once surged to a record high of $235.9 billion. Bitcoin frequently oscillates around $90,000; on January 8th, when it broke below $90,000, the single-day liquidation exceeded $477 million.

The macro environment is also putting pressure—Federal Reserve policies are still uncertain, U.S. employment data is about to be released, and risk aversion is rising. Meanwhile, trading volume has been halved compared to the beginning of the year, and liquidity has dried up significantly. In this environment, once chain reactions of liquidations are triggered, volatility could be even more intense than before.