To a large short squeeze if it breaks above $95,000, with an estimated cumulative short liquidation severity across major centralized exchanges (CEX) reaching $163 million.

Conversely, a pullback below $93,000 would endanger long positions, with $68.45 million of cumulative long liquidation expected, indicating a highly leveraged market with critical price thresholds on both sides.

The $95,000 breakout area holds the largest short liquidation cluster.

While Bitcoin trades around $94,000 - $94,500, the $95,000 level has now become a technical and psychological turning point, with a significant number of short positions vulnerable to liquidation.