Bitcoin Price Surge to $63,000 Could Trigger $1.015 Billion Short Liquidation on Mainstream CEXs

According to Coinglass data reported by COINOTAG on October 2, if Bitcoin surpasses $63,000, the aggregate liquidation strength of short orders on major CEX platforms will hit $1.015 billion. Conversely, should Bitcoin’s price dip below $60,000, the cumulative liquidation strength of long orders will reach $689 million. It’s important to note that the liquidation chart does not display the precise quantity or value of contracts to be liquidated. Instead, it highlights the relative importance of each liquidation cluster in comparison to adjacent clusters, denoting the liquidation strength. Hence, the chart illustrates the degree to which the underlying price will be impacted upon reaching certain thresholds. A higher “liquidation column” signifies a stronger price reaction to the ensuing liquidity wave.