Above 75k, 450 million short orders are waiting to be liquidated; below 72k, over 670 million long orders are set. This liquidation density looks like a meat grinder with both ends blocked, and the liquidity shocks are more stimulating than the price itself.

According to Coinglass data, if Bitcoin breaks through $75,000, the liquidation strength of mainstream CEX short positions will reach $453 million; if it falls below $72,000, the liquidation strength of mainstream CEX long positions will reach $670 million. The liquidation chart does not represent the exact number of contracts to be liquidated but reflects the relative strength of liquidation clusters and the potential impact when prices are reached; the taller the column, the greater the liquidity impact.