From the liquidation heatmap data of Bitcoin, it can be seen that regardless of whether the price rises or falls, there is a large amount of contract liquidity waiting to be liquidated, and the trend remains that the contract market is dominant.

When the price rises, there are large and extra-large short positions waiting to be liquidated in the 110200-114150 area; when the price falls, there are large and extra-large long positions waiting to be liquidated in the 107950-104450 area.