Are we singing the bull again? When the entire market is looking bullish, that's often when the real show begins. According to real-time data from Coinglass, the risk points in this wave of market movement are quite clear—if Bitcoin drops below $93,000, the liquidation of long positions on major CEXs could reach $1.218 billion. Conversely, if it breaks above $97,000, the liquidation pressure on short positions would be $548 million. The liquidation volume for longs and shorts differs by more than double, and the implications behind this are self-evident. Market consensus is often the most fragile, especially at such extreme levels.