In the past 24 hours of liquidation data, approximately 380 million to 500 million was liquidated across the network, with short positions taking the majority — just $BTC shorts were cleared for 118 million, and $ETH here was also cleared for about 169 million.

For BTC, the brightest area on the heatmap is concentrated in the range of 75,000 to 76,000. When BTC touched 76,000, it directly cleared all the short positions in this range because many people set their stop losses in this area, resulting in a wave that swept them away. Now looking at the heatmap, the "corpses" of shorts around 76,000 have almost been cleared, but further up to 78,000, there is a new layer of short defense. Looking down, the area around 72,000 is actually the stop-loss area for longs; if the price drops down, this may trigger a chain reaction.

For ETH, the most concentrated area on the heatmap is around 2,300 to 2,350. This wave of ETH's rise is actually weaker than BTC’s, but from the liquidation data, the scale of ETH's short liquidations in the past 24 hours is about the same as BTC's, and at one point, it even exceeded BTC’s. This indicates that some people are betting that ETH won't rise and are heavily shorting, resulting in them being swept out by the rebound.

Currently, there are quite a few short positions piled up in the range of 2,400 to 2,450 above ETH. If the price can rise to that level, there may be another wave of short squeezing. Support is around 2,250; if it breaks through here, the long stop-loss orders will also come out.

Although there have been many short positions liquidated in the past couple of days, the funding rate has not become particularly exaggerated, indicating that market sentiment has not reached the level of fully crazy chasing highs. Additionally, Bitcoin spot ETFs have been continuously flowing in these days, with over 200 million dollars coming in again yesterday, indicating that institutions have not fled during this wave of increase but are instead accumulating during the pullback.

The short-term rise feels a bit "fake"; it is driven by blasting shorts rather than solid buying. If the price pushes up again, for example, BTC to 77,000-78,000 and ETH above 2,400, it will encounter new short ambush areas above. If the volume does not keep up, it can easily rise and then fall back.

In terms of operations, chasing longs now does not have a high cost-performance ratio and is easy to get caught; however, directly shorting is also not advisable because shorts have just been swept through once and need time to cool off. The best strategy is to wait — wait for the price to push up again but with declining volume, or wait for it to drop down and stabilize near the support level with low volume, and then look for signals to act.

#Bitcoin breaks through $75,000