Recently, Bitcoin's price movement has been quite intense. After surging to 90,000, it quickly plummeted back to around 86,000. This sharp decline directly wiped out $148 million in positions, with short positions accounting for $109 million.

What's even more critical is the 85,000 level. According to the liquidation heatmap, that area is filled with long positions. If the price drops to this level, longs could face a liquidation impact of up to $1.052 billion — this is a true minefield. In comparison, if Bitcoin can hold steady at 88,000, the pressure on shorts is only $371 million, making it much more manageable.

The current situation is like this: on the upside, there's resistance at 88,000; on the downside, there's the 85,000 threshold. The small space in between will depend on how the bulls and bears fight it out.