Bitcoin faces potential liquidation events exceeding $1.7 billion cumulatively as its price approaches decisive levels on major centralized exchanges, according to Coinglass market data.
If Bitcoin surpasses the $119,000 mark, approximately $765 million in short positions could be liquidated as traders betting against the price surge face margin calls.
Conversely, should Bitcoin decline below the $116,000 support level, nearly $979 million worth of long positions risk liquidation from downward price pressure.
These pivotal price thresholds highlight significant market vulnerability points where leveraged positions may amplify volatility.
Coinglass liquidation metrics serve as a critical analytical tool for anticipating potential market reactions to these breakout or breakdown scenarios.