According to Coinglass data cited by COINOTAG on September 17, a drop in Bitcoin below $115,000 corresponds to a cumulative long liquidation intensity of approximately $1.279 billion on major CEXs, while a rise above $117,000 is associated with a cumulative short liquidation intensity near $41.8129 million.
COINOTAG clarifies that the liquidation chart reflects relative intensity across price clusters rather than exact contract counts or notional values; each bar indicates the comparative weight of a liquidation cluster versus adjacent clusters and the potential market impact at that price level.
For market participants, these liquidation metrics offer actionable input for risk management, informing assessments of order-book liquidity, margin exposure and the susceptibility to liquidity cascades at key price thresholds without implying directional forecasts.