Recent insights from COINOTAG reveal that as of October 29, data from Coinglass indicates a crucial resistance level for Bitcoin. Should it breach the historical peak of $73,777, the aggregate short order liquidation force across mainstream centralized exchanges (CEX) could surge to $386 million. Conversely, a decline below $68,000 would trigger a significant long order liquidation, potentially affecting up to $486 million.
It is essential to highlight that the liquidation chart provided does not specifically quantify the number of contracts slated for liquidation or their overall value. Instead, the chart illustrates the relative strength of liquidation clusters, signifying their impact on market dynamics. A taller “liquidation column” corresponds to a more pronounced price reaction as the liquidity wave approaches. Hence, traders should meticulously monitor these thresholds to gauge potential market volatility.
Source: https://en.coinotag.com/breakingnews/bitcoins-critical-price-points-will-73777-mark-a-massive-short-liquidation-or-will-it-drop-below-68000/