BTC is stuck between two liquidation hells; breaking above $93,000 or dropping below $90,000 would both result in liquidity massacres in the range of 300-600 million.

Bitcoin is currently priced at $91,866. It may seem peaceful on the surface, but in reality, it’s standing on two explosive mines ready to blow at any moment. According to Coinglass data, if BTC breaks through $93,000, the cumulative short liquidation strength on mainstream CEXs will reach $352 million; conversely, if it drops below $90,000, the cumulative long liquidation strength will hit $637 million. This is not just simple price fluctuation but a real impact that the market liquidity is about to face.

What Does Liquidation Intensity Really Mean?

Many people get confused when they see the term “liquidation intensity,” thinking it refers to the specific amount of liquidated contracts. In fact, that’s not the case. According to the quick news explanation, the bars on the liquidation chart show the importance of each cluster of liquidations relative to nearby clusters—that is, the intensity. In other words, liquidation intensity reflects how strong the market reaction will be when the price reaches a certain level due to liquidity waves.

What does a higher “liquidation bar” imply? It means that once the price hits this level, a large number of leveraged positions will be forcibly liquidated, creating a “snowball effect.” For example, if the $90,000 level is breached, the initial batch of long liquidations will push the price even lower, triggering more long liquidations, ultimately forming a “liquidation waterfall.” That’s why positions with high liquidation intensity often lead to sharp volatility.

BTC Is Currently at the Most Sensitive Level

Looking at this table, it’s clear that BTC’s current price of $91,866 is only $866 away from the $90,000 support level and about $3,134 below the $93,000 resistance level. This means the downside risk is closer, while the upside potential is farther.

Recent liquidation data shows the situation is even more tense. In the past 24 hours, the entire network experienced $204 million in liquidations, including $36.91 million long liquidations and $25.55 million short liquidations. This indicates a fierce battle between bulls and bears, with many traders already caught in this range.

Why Is There Such a Big Difference in Liquidation Intensity Between These Two Directions?

An interesting phenomenon is that the long liquidation intensity below $90,000 ($637 million) is much higher than the short liquidation intensity above $93,000 ($352 million). What does this reflect? It indicates that more market participants are bullish, holding larger leveraged long positions. In other words, the setup for shorts above $93,000 is not as deep as the setup for longs below $90,000.

This asymmetric distribution of liquidation intensity is actually a reflection of market psychology. As BTC rose from the high $8,000s, more traders chose to chase longs rather than open shorts at high levels. Once the price breaks below the $90,000 psychological threshold, these longs will face greater collective liquidation pressure.

Market Risk Assessment

The current market is at a delicate balance point. According to related information, ETH faces similar liquidation risks—$1.104 billion in short liquidation strength above $3,237, and $1.071 billion in long liquidation strength below $2,936. This shows the entire market is in a highly tense state.

It’s important to note that liquidation intensity data does not show the exact number of contracts pending liquidation or the precise value of contracts to be liquidated. Instead, it indicates relative importance. But this doesn’t mean the data isn’t significant; rather, once these levels are touched, liquidity shocks can be quite intense.

Summary

BTC’s current position can be described as “dancing on the edge of a knife.” A drop of only $866 will reach the $90,000 long liquidation strength ($637 million), while a rise of $3,134 is needed to hit the $93,000 short liquidation strength ($352 million). This asymmetry in distance and liquidation intensity makes the current market risk more tilted toward the downside.

In the short term, the key is whether the $90,000 level can hold. If it does, it may gather strength to challenge $93,000 upward; if it breaks, the $637 million long liquidation strength could trigger a rapid decline. Whichever side breaks first, it will be accompanied by significant liquidity shocks and price volatility. Monitoring these two key levels is crucial to understanding the market’s direction.