Yesterday, Bitcoin dropped from 118880 to a low of 116600, and a considerable portion of long positions have exited for profit.

According to COINGLASS liquidation map, the market has accumulated quite a number of long counterparties (shorts), with concentrated liquidation prices ranging from 118900 to 119500.

Support levels are at 116600 and 115300. These two price levels also have many high-leverage long positions facing liquidation. If the market retraces below 116600 or 115300, the liquidation of profitable long positions and high-leverage short-term positions can alleviate the selling pressure in the market.

After Bitcoin reached a new high, the current upward trend remains strong, and after a period of consolidation, it is highly likely to target the liquidation of short positions below 120000.