According to recent data from Coinglass, as reported by COINOTAG, on October 16, Bitcoin’s price could significantly impact market dynamics. If Bitcoin successfully surmounts the substantial resistance of $69,000, the cumulative strength of short order liquidations across prominent centralized exchanges (CEX) could escalate to a staggering $1.711 billion. Conversely, a decline below the $65,000 threshold could trigger long order liquidations up to $1.935 billion. It is essential to note that the liquidation chart provides insights into the *relative significance* of liquidation clusters rather than an exact liquidation figure. The height of these “liquidation columns” indicates the potential volatility and market response expected when prices approach these pivotal levels, emphasizing how price movements can influence trader positions and broader market sentiment.
Source: https://en.coinotag.com/breakingnews/bitcoin-price-surge-to-69000-could-trigger-1-7-billion-in-short-liquidations/