According to the latest data from Coinglass, both the upside and downside potential of Bitcoin are filled with significant risks.

Key levels are here: if BTC breaks through $94,483, the bearish orders on major CEXs will explode collectively, with short position liquidations reaching a total of $548 million. Conversely, if BTC drops below $86,663, the long positions will suffer, with long liquidation strength also totaling $548 million.

What does this mean? Both extreme directions are filled with liquidation minefields. Above $94,483 is the defense line for bears, while below $86,663 is the life and death line for bulls. The zone in between is where the current market is repeatedly testing. If a large bearish or bullish candle suddenly breaks the deadlock, it will inevitably trigger a chain of liquidations. Traders need to keep a close eye on these two key levels, as triggering them could easily evolve into a black swan event.