How dangerous is it right now for Bitcoin to be between the 439 million and 455 million liquidation strength?

Bitcoin is currently priced at $92,133, just a few thousand dollars away from the critical level of $91,000 below. According to the latest news, if BTC breaks above $93,000, the liquidation strength of mainstream CEX short positions will reach $439 million; if it falls below $91,000, the long liquidation strength will reach $455 million. Behind these two figures, the market faces liquidity pressure in both directions.

What exactly is liquidation strength

First, it’s important to understand that liquidation strength is not an exact count of contracts pending liquidation or the precise value of contracts to be liquidated. According to Coinglass, the bars on the liquidation chart represent the relative importance of each liquidation cluster compared to nearby clusters—that is, the strength. In other words, higher liquidation bars indicate that when the price reaches that level, the market reaction could be more intense due to liquidity waves.

This doesn’t mean there is a specific amount waiting to be liquidated, but rather how severe the chain reaction of liquidations could be if the price hits that level.

Current dual-sided pressure

Interestingly, the long liquidation strength below ($455 million) is slightly higher than the short liquidation strength above ($439 million). This indicates that more market participants hold long positions, or that the scale of longs is larger. If the price drops to $91,000 and longs are forcibly liquidated, it could trigger a more intense chain reaction.

Several key signals in the current market

Based on recent information, a few factors are worth noting:

• Market sentiment is in fear territory: The Fear & Greed Index is at 36, indicating cautiousness among market participants.
• Whale holdings are changing: Since 2025, whales have reduced their holdings by about 200,000–220,000 BTC, while retail holdings are increasing. This suggests large holders are gradually exiting, while retail investors are entering.
• Recent buying has not pushed prices higher: A whale recently bought 1,320 BTC (worth $120 million), but Bitcoin’s price did not rise significantly. This hints at selling pressure still existing.

What does this mean

My personal view is that the market is at a delicate equilibrium. Both bulls and bears are accumulating positions within this price range, but neither side is strong enough to break through key levels. The liquidation strength below at $91,000 is slightly higher, indicating that a breakdown could trigger a stronger chain reaction. However, there is also risk on the upside: breaking above $93,000 could accelerate short liquidations.

In the long term, based on analysis of recent information, some believe this could be a Wyckoff “spring” accumulation phase, consolidating around $91,500 before pushing above $135,000. But this depends on breaking out of the current consolidation zone.

Summary

Bitcoin is indeed positioned between two liquidation minefields. The long liquidation strength below at $91,000 ($455 million) is slightly higher and should be closely watched as a support level. The resistance is at $93,000. Market sentiment remains cautious, whales are reducing holdings, and retail investors are accumulating. Under this structure, the price could be easily triggered by a breakout in either direction. The key is whether enough strong capital can break the current equilibrium.