#加密市场回调 The Bitcoin market is currently in a very sensitive technical position.

Data shows that if BTC falls below $96,687, the cumulative long position liquidation intensity on mainstream CEX will reach $1.786 billion. Conversely, if BTC breaks above $106,767, the cumulative short position liquidation intensity on mainstream CEX will reach $1.303 billion.

What is the likely trend for Bitcoin going forward?

The short-term direction of the market will largely depend on the outcome of the contest at several key price levels.

Downside risk: If the Bitcoin price effectively breaks below $96,687, it could trigger a large number of long liquidations mentioned above. This could lead to further chain selling, with the next important support level to watch being in the $80,000 to $85,000 range, which is also a region where the options market shows concentrated hedging demand.

Upside Potential: If the Bitcoin price can strongly break through $106,767, it may force a large number of short positions to close (short covering), thereby providing strong upward momentum for the price, potentially attacking $110,000 or even higher in the short term.

Consolidation: Between the two, the market may continue to oscillate to digest the market sentiment following the sharp decline in October and wait for new macro or policy catalysts.