Recent data reveals that the cryptocurrency market has experienced significant liquidations, totaling approximately $211 million within just a 24-hour timeframe. Notably, long liquidations accounted for around $131 million, surpassing short liquidations at $79.84 million. This trend indicates the forced closure of leveraged long positions amidst the prevailing market downturn.
An analysis of the liquidation heatmap for Bitcoin (BTC) highlights substantial liquidation events and fund interventions occurring near the $108,000 price threshold, suggesting it serves as a critical liquidity support zone. Following this, a rebound was noted, implying institutional backing at lower price levels.
However, liquidation pressures remain substantial between $110,800 and $112,000. Analysts from Bitunix recommend closely monitoring the $108,500 to $109,000 support range post-rebound, advising caution against chasing price highs. A breach of the $110,800 to $112,000 resistance could signal new positioning opportunities, yet if the price falls below $108,000 again, it may incite a further wave of liquidations, necessitating stringent risk management strategies.