The CoinAnk liquidation map data shows that if #BTC breaks through $88,800, the cumulative short liquidation intensity on mainstream CEX will reach $2.25 billion. Conversely, if Bitcoin falls below $80,000, the cumulative long liquidation intensity of #Cex will reach $4.5 billion.

We believe that the current Bitcoin price forms a key liquidation threshold in the range of $80,000 to $88,000, with both bulls and bears engaged in a fierce standoff. If Bitcoin breaks through $88,000, it will trigger approximately $2.25 billion in short position forced liquidations, primarily due to the "short squeeze" effect caused by the price breaking through key resistance levels—large amounts of stop-loss orders being triggered could accelerate the price upward, creating a positive feedback loop. Notably, this value is significantly higher than the earlier forecast of $842 million, reflecting the market's leverage levels continuing to rise with the price increase.

Conversely, if the price falls below the $80,000 support level, it is expected to lead to up to $4.5 billion in long position liquidations, which is equivalent to double the short liquidation intensity, indicating that current market sentiment is leaning towards risk aversion. This asymmetric liquidation pressure suggests that the downside risk is more destructive: once it falls below critical support, programmatic trading and panic selling could create a negative spiral, leading to short-term liquidity depletion. From a technical perspective, the differences in liquidation intensity values stem from the liquidity distribution across different price ranges, with a higher "liquidation column" representing more high-leverage contracts concentrated at that price level, resulting in a stronger market reaction when prices reach that area.

This bull-bear game pattern highlights that the current market is in a period of high volatility sensitivity. Traders need to be cautious of the potential liquidity siphoning effect that may occur once prices break through the threshold, while also paying attention to the changes in the exchange's open contract volume and funding rates, as these indicators will provide early signals of market sentiment shifts and help prevent market failures in extreme conditions.