Recent data from Coinglass reveals significant implications for the cryptocurrency market, particularly impacting Bitcoin positioning. As of April 9th, if Bitcoin trades below $74,000, the total long liquidation pressure across major centralized exchanges (CEX) could approach $476 million. Conversely, should it exceed $78,000, the potential for short liquidations could escalate to an astonishing $982 million.
It’s crucial to note that the provided liquidation chart does not accurately depict the precise number of contracts pending liquidation. Instead, it illustrates the relative intensity of each liquidation cluster, thereby indicating how significant the price movement could be as it encounters these levels. A pronounced liquidation bar suggests a heightened market response, indicating how swiftly the price may react during a liquidity cascade.