According to Coinglass data reported by COINOTAG on September 16, a dip in Bitcoin’s price below $56,000 could trigger a significant liquidation event, potentially resulting in the cumulative liquidation of long orders totaling approximately $487 million on major cryptocurrency exchanges (CEX). Conversely, should Bitcoin’s value rebound and surpass the $60,000 threshold, the cumulative liquidation of short orders is estimated to reach around $526 million. It’s crucial to understand that the liquidation chart does not accurately reflect the exact number or value of contracts subject to liquidation. Instead, the chart highlights the relative significance of each liquidation cluster compared to adjacent clusters, emphasizing the underlying impact. Essentially, a higher “liquidation column” on the chart signifies that the price is expected to respond more vigorously to the liquidity wave upon reaching a specific point.
Source: https://en.coinotag.com/breakingnews/bitcoin-price-movements-56k-triggering-487m-long-liquidations-60k-leading-to-526m-short-liquidations/