$BTC is still grinding higher, but the liquidation map is starting to look dangerous: around $15B in long liquidations now sits below price.
Liquidity highlights:
✔ ~$15B in long liquidations below current price
✔ Only ~$3B in short liquidations above price
✔ A 5:1 imbalance that could fuel sharp volatility
But this does not mean Bitcoin is automatically bearish. $BTC is still supported by spot demand, and shorts are still getting squeezed from time to time. The problem is that volume is fading, open interest is flat, and the upward move is starting to look less powerful.
So the market is not weak yet - it just looks more fragile. If buyers keep slowing down and market makers start chasing the big liquidity below, the real question is whether this rally needs a healthy pullback… or a deeper liquidation flush.