#以太坊大户持仓变化 Bitcoin has been brewing at this level for several hours now, with the 93,000 to 94,000 range like a taut string. I just looked at the liquidation data, and the situation is more complicated than it seems.

The data is right here. Above, the $95,000 hurdle has accumulated $678 million in short liquidations. Once this level is broken, the trapped shorts will cluster their stop-loss orders, potentially triggering a chain reaction of upward movement. Conversely, the support at $92,000 is even more formidable, with $1.135 billion in long liquidation pressure. If this support is broken, forced liquidations of longs could cause a downward momentum of another magnitude.

Interestingly, looking at the liquidation histogram makes this clear—the danger level of the $92,000 support is higher. The height of the bars directly reflects the market's reaction strength when reaching this level. In other words, if it breaks downward, the turbulence could be more intense than a breakout upward.

There's a detail worth pondering. The current position is at an extreme point, with two key levels very close on both sides. This is precisely when big moves are most likely to happen. But at the same time, it’s also a moment for the main players to test the resolve of both bulls and bears. Whoever can't hold on first will be forced out.

From a trading perspective, don’t chase the highs or sell at the lows. Such oscillating ranges are most prone to false breakouts, with both real and fake signals. Position sizes must be strictly controlled; don’t go all-in at this critical juncture.

I favor the $92,000 and $95,000 levels—whichever is truly broken, follow the direction. The market always chooses the path of least resistance. From the current pattern, downward resistance seems slightly lower—though this is just one perspective. The real breakout direction will depend on the trading volume in the next few hours, along with whether the news flow supports it. Both are important.