According to the latest data compiled by the Coinglass platform, if the Bitcoin price breaks down through the critical level of $106,677, the cumulative liquidation scale of long positions on mainstream centralized exchanges (CEX) is expected to reach $2.641 billion. Once this level is breached, it may trigger large-scale forced liquidations, creating significant pressure on the market's bullish sentiment.

On the other hand, if the Bitcoin price breaks up through $117,533, the cumulative liquidation intensity of short positions on mainstream CEX is expected to reach $1.904 billion. Once this resistance level is breached, short positions will face severe squeezing, which may further boost the upward momentum of prices, leading to a short covering rally.

Currently, both bulls and bears are engaged in intense competition near critical price levels, and market volatility has significantly increased. Investors need to closely monitor market changes and cautiously control position risks.