#BTC走势分析 Total liquidations across the market over the past 24 hours reached $319 million, including $233 million in long liquidations and $85.8 million in short liquidations.#BTC突破7万大关

BTC breakdown: $66.21 million in long liquidations and $40.99 million in short liquidations.

The conclusion is clear: in this selloff, leveraged longs were the primary side liquidated.

But the key takeaway from today's market is **not the liquidation amount, but the positioning structure after the liquidations**.

I. Where the damage was: longs bore the brunt of liquidations

Breaking down the liquidation data: of the $319 million in total liquidations, over 70% were long positions; for BTC specifically, long liquidations were also significantly higher than short liquidations.

In this downturn, the market is first flushing out leveraged longs who chased the rally—not forcing shorts to cover.

Simply put: the market is liquidating longs.

II. An unusual signal: longs keep getting liquidated, yet long positions remain crowded

This is the most striking contradiction today: the data shows longs have been continuously liquidated, but position data indicates they haven't left the market.

BTC is currently trading around 77000:

Long accounts make up 73.56% of all accounts market-wide, and 74.95% of top traders' accounts. By position value, longs account for 63.83%.

The funding rate remains positive at +0.01%, meaning longs are still paying to hold their positions.

Prices are falling and long positions are being liquidated one after another, yet longs haven't been fully flushed out. Liquidations have only wiped out the most poorly risk-managed leveraged funds. The remaining longs are still holding on and continuing to pay funding, waiting for a rebound.

There are generally only two possibilities with this kind of setup:

Either there will be another, deeper dip to flush out the last of the bullish sentiment;

or, once shorts stop selling aggressively, a rapid rebound will follow.

But looking at the market right now, there is a clear lack of aggressive buying.

III. Liquidation heatmap: price levels are more objective than subjective predictions

BTC is currently caught between two major liquidation zones:

- Near 77619 above: approximately $150 million in short liquidation liquidity

- Near 77245 below: approximately $124 million in long liquidation liquidity

If the price holds above 77619, the liquidation of concentrated short positions could ease selling pressure and potentially trigger a rebound;

If it breaks below 77245, long liquidations will be triggered, accelerating the downward move.

According to Coinglass data, if BTC falls further below 73631, the cumulative long liquidation volume across major exchanges could reach as much as $1.66 billion. This enormous “liquidity powder keg” isn't all that far from the current price.

IV. Key takeaways

Liquidation data shows us who is losing money; position data shows us who still hasn't given up.

Right now, it's the longs who refuse to give up.

With more than 73% of accounts positioned long and funding rates still positive, market sentiment has yet to shift from bullishness to panic and capitulation.

The 77245 level on the heatmap is the first key threshold. It will test whether these longs holding on to their positions will trigger another wave of forced selling.

How many points away is your current position from 77245?