The Liquidation Structure for bitcoin:native:

The main cluster of leveraged longs was sitting around $57,000-$60,000 a couple of days ago. The main risk was that another bearish catalyst could trigger a liquidation cascade and push Bitcoin back toward the lower end of the range.
Now, the closest downside liquidity has moved higher. A large concentration of long liquidations is sitting around $61,000-$61,600, meaning Bitcoin does not need to fall far before reaching the next area where leveraged longs could be forced out.
At the same time, the larger liquidation pool is now above the market. Short liquidations start increasing around $64,000 and become much heavier between $64,700 and $65,700.
This creates a more two-sided setup. The nearest liquidity is still below price, so a sweep toward $61,000 remains possible on the low-timeframes.
But the larger forced move sits above, where a reclaim of the mid-$64,000 range could force much more bears out of their shorts.