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Bitcoin breaking through $118,000 may trigger a $2.078 billion short positions liquidation wave.
According to Coinglass data, if the price of Bitcoin breaks through $118,000, the cumulative liquidation intensity of short positions on major Centralized Exchanges (CEX) could reach $2.078 billion. It is important to note that the liquidation chart does not precisely display the number of contracts to be liquidated or the exact value of contracts that have been liquidated. Instead, the bar graphs in the chart represent the relative importance of each liquidation cluster compared to adjacent clusters, indicating liquidation intensity. Therefore, the chart demonstrates the potential impact on the market when asset prices reach certain levels. A higher "liquidation bar" indicates that reaching that price point will trigger a stronger response from the wave of liquidity.