According to recent data from Coinglass, Bitcoin’s price action is poised for significant implications on market liquidity. As of October 23, if Bitcoin surpasses the critical resistance level of $68,000, mainstream centralized exchanges (CEX) could witness cumulative short order liquidations reaching an estimated $426 million. On the flip side, a decline below $66,000 may unleash a staggering $1.308 billion in cumulative long order liquidations. It’s important to note that the liquidation chart serves to illustrate relative liquidity strength rather than definitive contract numbers. It effectively highlights the degree to which Bitcoin’s price may react as it approaches key liquidation thresholds. Hence, a higher liquidation column indicates a strong likelihood of intensified market reactions following price breaches, reflecting the sensitive interplay between Bitcoin price movements and trader positioning.
Source: https://en.coinotag.com/breakingnews/bitcoin-faces-critical-price-levels-68000-could-trigger-426-million-short-liquidations/