According to on-chain data tracking, Bitcoin at the current price level carries significant leverage risk.

If BTC can break above the $94,492 threshold, short positions on mainstream centralized trading platforms will face a wave of concentrated liquidations, with an estimated liquidation scale of up to $822 million. Conversely, if Bitcoin falls below the $86,587 support level, long holders will experience an equivalent amount of liquidation pressure—also around $822 million.

These two price points act as the market's "life and death lines." When the market touches either one, it could trigger a chain reaction—not just the liquidation of a single contract account, but intense fluctuations in overall trading depth. For short-term traders, what do these data points mean? They either signal an opportunity to confirm the trend or serve as a warning of potential pullback risks. Market participants need to closely monitor the movements around these critical levels.