As Bitcoin (BTC) approaches key price levels, investor attention is focused on liquidation pressure in the derivatives market.

Approximately $376.3 Million in Short Positions Could Face Liquidation If $66,365 Is Breached

According to cryptocurrency data platform CoinGlass, if Bitcoin's price surpasses $66,365, large-scale short positions accumulated on major centralized exchanges (CEXs) could be subject to forced liquidation. Aggregated data indicates that approximately $376.3 million worth of short positions are projected to be liquidated if this price level is breached. The resulting buying pressure could potentially trigger a so-called "short squeeze" phenomenon, fueling further upside.

Long Liquidation Pressure If Price Falls Below $65,054

Conversely, if the price drops below $65,054, the situation reverses. At that level, approximately $279.8 million worth of long positions are expected to face liquidation, which could amplify downward pressure, according to analysis.

Macro Variables and Investor Sentiment Amplify Volatility

The market cites recent U.S. interest rate expectations, geopolitical issues, and institutional capital flows as key variables influencing Bitcoin's price. In particular, if investor sentiment improves, short position liquidations could occur in succession, potentially expanding volatility.

However, experts caution that while the projected liquidation volume in the derivatives market may influence short-term price movements, it is not a determining factor for long-term trends.

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