#BTCBackto100K Map of liquidation positions with Bitcoin on exchanges. Source: CoinGlass

What key levels should be monitored as Bitcoin approaches the symbolic testing threshold of $100,000? Currently, the next resistance level is the threshold at $97,900, and a rise to it is almost inevitable unless a major bearish catalyst emerges in the short term.

The current situation is more a reflection of trading using borrowed funds rather than a large-scale miscalculation by bearish traders.

If an equivalent downward movement were to occur, the scale of liquidations of long Bitcoin positions would be similar. In other words, a drop of 3.07% that would bring BTC down to $93,973 would liquidate approximately the same amount of capital—$3.36 billion.