From the liquidation map, it can be seen that touching near MA120 requires a stop and rebound. In a general sense, this is the boundary between bulls and bears. If it really breaks down, it will greatly affect market confidence, unless the market makers want to violently wash the market, otherwise it will not easily and effectively break down!
Below, there is nearly 2 billion in liquidation demand around 108000, while the liquidation demand above is a bit larger. From the 7-day and 30-day views, the demand for short liquidations is even stronger. If it is just a normal correction, I believe the current extent and market sentiment are already sufficient!