$BTC

The chart displays a cumulative liquidation graph, showing a large cluster of short positions with leverage stacked between $103,000 and $115,000. As the price rises, the potential to squeeze these positions increases significantly. The turquoise line marking short liquidation leverage trends higher, suggesting a growing number of vulnerable positions.

Binance, OKX, and Bybit account for the majority of volume, with Binance alone hosting the largest liquidation clusters. Colored volume bars indicate growing market participation, with liquidation-driven moves potentially pushing volatility higher. If Bitcoin breaks above $110,000, the pace of liquidations could spike dramatically.

The red line on the chart marks long liquidations, which have already tapered off, showing short traders remain more exposed. In contrast, long traders appear to have been wiped out in earlier corrections, leaving the field open for short squeezes. With cumulative short leverage now building, the likelihood of a forced breakout is increasing.