2026-01-19 23:22:36

The market is still immersed in the dream of $100,000, but no one has noticed that dark currents have been flowing near the highs for a while. Overnight, Bitcoin plunged by $4,000, with liquidations reaching $790 million, and short sellers cheering. But when the smoke clears, on-chain data tells a different story — long-term holders, short-term traders, and big whales have already quietly exited.

On the surface, the technicals look thoroughly defeated. The flash crash from the 4000-point volume spike directly broke through the medium-term upward channel, completing a full liquidation of longs and shorts. Funding rates turned negative, open interest and trading volume shrank simultaneously, and the enthusiasm for leveraged speculation has cooled off completely, leaving the market in a state of wait-and-see.

But the real interesting part is below — a new battle pattern is forming. Near $91,600, there are $900 million in long liquidation orders, serving as a natural support for the rebound; conversely, at around $93,500, there is $1.1 billion in short liquidation pressure, and between $93,500 and $94,000, a dense zone of positions forms a ceiling for the rebound.

In plain terms, the current rebound is not a big deal. As long as it doesn’t break through this ceiling, it can only be considered a technical correction after an oversold condition. The market structure has fundamentally shifted — from a one-sided rally to a state of oscillation and confrontation. On-chain data and technicals are no longer at odds; instead, they are pointing to the same signal: the market is redefining a new equilibrium.

BTC1,07%

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DaoTherapy

· 23h ago

It's the same old liquidation show, wake up everyone --- Whales have already run away, and you're still taking the bait? --- Can 93500 be broken? That's the key --- So many liquidation orders indicate that the bottom isn't that low --- From an upward attack to consolidation, the market has finally become honest --- Let's wait and see if it crashes again --- On-chain data and K-line charts are finally synchronized, which is good --- The ceiling is just the ceiling, at least now we have a clear idea --- Negative fee signals are the most deceptive, don't believe them --- 1.1 billion in short pressure hasn't been fully released yet

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FOMOmonster

· 01-19 23:52

Whales have long left, retail investors are still dreaming, this is the reality --- Another liquidation feast, another new volatile range, just a cycle --- 91600 supports, 93500 resists, let's just watch from the middle --- The ceiling is so clear, and some still dare to chase high? Truly baffling --- Technical analysis says we lose, but on-chain data tells the truth; the contrast is too stark --- From a bullish trend to confrontation, market sentiment has changed, and our strategy must change too --- 7.9 billion in liquidations, the bears are laughing, but don’t laugh too early; liquidation orders are a double-edged sword --- Right now, it’s about finding the balance point. Don’t mess around before you find it, just manage your own position well --- Those who exit are the smart ones, and I can’t say what it feels like for those still here --- So the key is whether we can break through 93500; it’s really stuck in a life-or-death spot

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OPsychology