BTC is trapped between two liquidation levels, with $1.6 billion long positions at risk of liquidation at any time.

Currently, BTC price hovers around $91,000, in a delicate position. According to the latest news, if BTC falls below $86,908, the cumulative long liquidation strength on mainstream CEXs will reach $1.613 billion; conversely, if it breaks above $95,933, the short liquidation strength will be $1.478 billion. In other words, Bitcoin is now caught between two liquidation minefields, with large orders waiting on both sides.

Current Price in a Highly Sensitive Zone

Distribution of Liquidation Levels

Based on data, the liquidation pressure distribution for BTC is as follows:

The current BTC price is around $91,229, approximately $4,321 above the lower liquidation level and about $4,704 below the upper level. This indicates that the market’s bullish and bearish forces are relatively balanced, but also suggests that any breakout in either direction could trigger a chain of liquidations.

What does liquidation strength mean?

These two figures reflect the core issues:

• $1.613 billion in long liquidation strength indicates that long positions are relatively concentrated, and a breakdown of key support could trigger a cascade of liquidations
• $1.478 billion in short liquidation strength suggests that bears are also actively positioned, and breaking above resistance levels could be equally risky
• Both liquidation strengths are around $1.5 billion, reflecting differing short-term outlooks among market participants regarding BTC’s direction

Signals from Market Structure

Divergence Between Institutions and Retail Investors

Recent reports show an interesting phenomenon: CME futures open interest has increased counterintuitively to $110 billion, while Binance’s open interest has significantly decreased. This divergence indicates:

• Institutional investors continue to accumulate during price pullbacks, optimistic about medium to long-term prospects
• Retail traders and short-term traders may be taking profits at high levels, leading to a decline in Binance open interest
• This divergence itself is a positive signal, suggesting that large funds’ confidence in BTC remains intact

Continuous Expansion of Corporate Treasury Holdings

Related news shows that multiple publicly listed companies are continuously increasing their BTC and ETH reserves. This includes new BTC positions and expanded Ethereum holdings. These long-term capital allocations provide bottom support for the market and indicate a deepening recognition of the strategic importance of crypto assets at the institutional level.

Short-term Risks and Opportunities

Risks

• If BTC drops below $86,908 without effective support, the $1.613 billion in long liquidation could trigger a snowball effect
• The market is currently in a highly sensitive zone; any black swan event could cause rapid declines
• Although short-term moving averages show a golden cross, trading volume is decreasing, and upward momentum is weakening

Opportunities

• If support at $86,908 can be maintained, the next target is likely $95,933
• Breaking above $95,933 will trigger short liquidations, further boosting upward movement
• The increase in CME institutional positions and the expansion of corporate treasuries lay a foundation for medium to long-term upside

Summary

BTC is currently between two liquidation levels, which presents both risks and opportunities. The $1.613 billion in long liquidation strength and $1.478 billion in short liquidation strength are both around the $1.5 billion mark, reflecting high disagreement among market participants on the short-term direction. However, from a broader perspective, the increase in CME institutional holdings, ongoing expansion of corporate treasuries, and short-term technical golden cross all suggest that the market’s bottom support remains relatively solid. In the short term, volatility around $91,000 may intensify, but the probability of breaking above $95,933 seems more worth watching.