Actually, every 10k-point range of Bitcoin can be broken down and understood independently. For example, 1201 is the bottom of the 120k range, and 1199 is the top of the 110k range. Each 10,000-point interval works this way. For instance, take the 50k range: below 55,000 is relatively low. The closer to the 50k integer, the closer the current price is to the bottom of that range. Conversely, the closer to the next ten-thousand integer, the closer we are to the top of that range.

In plain English: 601 is the bottom of the 60k range, but 599 is the top of the 50k range.
If we think this way, prices in the 59x range — if they cannot quickly recover above 60,000 — once 60,000 becomes the top, then all those positions bought at 58,000–59,000 can no longer claim they got a bargain.
I know this might sound scary, but that's the reality. If by 8 AM we still haven't reached above 600, then at most another day — if we still can't break 600, then the 600-610 range will become a "major resistance" zone. When the resistance moving upward is greater than the resistance moving downward, the market will start another long squeeze...
The market will not liquidate the side with the largest liquidatable amount, but it will certainly liquidate the side with the least resistance for price movement.