Bitcoin’s derivatives market is approaching a critical point where overleveraged positions could face rapid liquidations. Approximately 172 million USD in long positions are vulnerable if BTC drops toward its monthly maximum pain level of 109,736 USD.
In the past 24 hours, 93.09 million USD in long positions have been liquidated compared to 191.50 million USD in shorts, indicating a stronger risk for long holders. Ethereum faced larger liquidation losses, amounting to 103.05 million USD.
Bitcoin’s support levels sit at 115,254 USD and 114,887 USD. Falling below these could trigger more liquidations and increase selling pressure in a volatile market environment.
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