A single Bitcoin trader saw $2.6M evaporate in one swipe as crypto markets flushed out $237.28M in liquidations within 24 hours. Longs were the main casualty, and now BTC sits just above a critical support that could decide whether the next major move is a relief squeeze toward $134,000—or another round of capitulation. Here’s what the smart money is watching and how to position with discipline, not hope.

What Just Happened

In the past day, 90,573 traders were liquidated across major exchanges, with $161.43M from longs vs. $75.85M from shorts. By asset: ETH $82.92M, BTC $32.31M, SOL $24.42M, plus notable hits in PYTH ($16.1M), XRP ($7.96M), CRO ($6.7M), and LINK ($5.27M).

By exchange, Binance $81.99M, Bybit $70.54M, and OKX $30.3M led the wipeouts, with Gate, Hyperliquid, and HTX each between $10M–$22M. The single largest hit was a $2.6M BTC position on Binance—gone in one move. Longs dominated liquidations on Bybit (72.7%) and HTX (73.7%), with longs making up 68% of total losses.

Why It Matters

Forced unwinds expose where leverage is concentrated and where liquidity sits. When longs are crowded, downside wicks get amplified—then bounces can be sharp as shorts press too late. BTC trades near $111,174, hovering above a key bull-bear line at $107,521. Signals are mixed: momentum and structure lean bearish, yet a new buy trigger has appeared. Translation: this is a timing market—react to levels, not narratives.

Key Levels and Scenarios

• Pivot support: $107,521 — the bull/bear divider to watch.
• Spot: ~$111,174 — holding above keeps rebound odds alive.
• Upside: Support holds and shorts fuel a squeeze toward $134,000.
• Downside: Clean break below support risks another liquidation cascade.

Actionable Trade Plan (Education-Only)

• De-lever: Reduce position size and leverage until BTC confirms above/below $107,521.
• Define invalidation: Use hard stops; avoid cross margin for directional bets.
• Track crowding: Watch funding, open interest, and liquidation heatmaps—negative funding with falling OI often precedes reflex bounces.
• Avoid FOMO: Ignore “pump” calls; wait for confirmation like a higher low and reclaim of the prior day’s high before adding risk.
• Altcoin beta: ETH and SOL took bigger hits—expect higher volatility. Size down or hedge accordingly.
• Execution: Prefer limit orders around liquidity pockets; set alerts just above/below $107,521 and near prior intraday pivots.

Risk Management First

This is a liquidity-driven tape. Slippage increases during cascades, and spreads widen. Keep cash ready for dislocations, stagger entries/exits, and protect gains quickly if price fails to hold reclaimed levels.

Bottom Line

The market just de-levered. That sets up opportunity for disciplined traders while punishing late chasers. Focus on $107,521 as the decision point, trade the reaction—not the prediction—and let the market confirm your bias before scaling risk.

If you don't want to miss any crypto news, follow my account on X.