In the East Eight Time Zone this week, Bitcoin has once again risen past the 70,000 USD mark, oscillating at a high point around the 70,000–70,061 USD range. Ethereum has similarly surged, breaking through the 2100 USD line and reaching about 2105 USD. In the past 24 hours, BTC has recorded a rise of about 4.6%–4.7%, while ETH has achieved a stronger rebound of about 7.4%–7.6%, with market sentiment clearly shifting from cautious observation to a mix of excitement and chasing upward momentum. On the surface, prices are returning to historical highs, but behind this movement, leverage positions set around key levels are rapidly being activated, with the liquidation thresholds for both sides drawing closer, making the short-term trading dynamics clear — whoever first steps on the “minefield” could be forced to exit in the following trading days.
The Battle of 70,000 USD: Rekindling the Key Psychological Threshold
● In terms of price performance, Bitcoin is currently being tugged back and forth in the 70,000 to 70,061 USD range, recording a day-over-day increase of over 4% in the past 24 hours, with technical patterns closing in on historical high levels again. This recovery is not a gentle climb, but a rapid surge accompanied by increased volatility, allowing short-term bulls to regain control, while short selling forces are forced to frequently adjust their positions to cope with the upward momentum.
● From the perspective of long-term market memory, 70,000 USD is no longer just a number; it is regarded as a significant psychological and technical threshold representative of the “historical high zone”. Previous tug-of-war around this price level has led many technical analysts to mark it as a boundary point for trends, and it is viewed emotionally as a symbol of whether the bull market will really continue, enhancing the attention and financial reactions every time this level is approached.
● Returning to near historical highs directly exposes the divergence between bulls and bears: the bulls see this as a signal for the bull market to restart, believing that solidifying above 70,000 could lead to new highs; conversely, bears deem the current situation more like an opportunity for a high-level rebound, choosing to add positions near strong pressure zones, betting on price retracement and leverage being squeezed out. This divergence in expectations has made the 70,000 line a “battlefield midline” where emotions and stakes converge.
Ethereum's Strong Surge: Rotational Signals Behind the Seven Percent
● Compared to BTC, Ethereum's current performance is more aggressive — after rising above 2100 USD, it reached around 2105 USD, with a 24-hour increase of about 7.38%–7.65%, significantly higher than BTC’s daily increase of about 4.6%–4.7%. The price curve not only completes a key range breakthrough but also shows characteristics of increased volume surge, indicating that the on-site capital's offensive intent towards ETH is rapidly rising.
● This discrepancy in increase immediately ignited discussions about “rotation”: after BTC first returned to 70,000 and attracted attention, ETH responded with a higher percentage rise, reinforcing market expectations for the second largest asset to catch up with mainstream market cap coins. Some participants began to shift from Bitcoin to Ethereum, trying to capture the stage Alpha of relatively stronger assets, making the strong-weak comparison between them the new focal point of trading dynamics.
● As ETH breaks through key ranges, some funds that were previously on the sidelines begin to move from the edges to the main market, with sentiment subtly shifting from “static waiting for direction” to “short-term offensive attempts.” Following the breakout, chasing momentum and short-term speculative trading accelerate, causing ETH's short-term fluctuations to become significantly amplified, and this rhythm could also inversely affect BTC's position adjustment rhythm, creating a strengthening effect of inter-mainstream coin correlation.
Approaching Liquidation Thresholds: The Squeeze Zone of 400 Million Shorts and 800 Million Longs
● According to a single source's calculations, if Bitcoin continues to rise and effectively breaks through 72,000 USD, the potential liquidation scale of shorts in major centralized exchanges could reach about 474 million USD. This means that once an upward breakthrough triggers a chain reaction of liquidations, the passive closing out of shorts will convert into new buying power, possibly pushing prices higher in a short time, making the “minefield” bears inefficiently lift the bulls.
● Conversely, there are also greater risks below: if BTC falls back from its current position and drops below approximately 68,000 USD, the potential liquidation scale of longs, as estimated by a single source, could reach about 859 million USD. In an environment with significant leverage usage, such a scale means that if it falls below key support, bulls will bear a more concentrated and intense liquidation pressure, amplifying the speed and magnitude of price breaches downward.
● The upper and lower liquidation thresholds act like a “squeeze zone” clamping current prices, transforming the current price range into a narrow corridor of high sensitivity to both bulls and bears. Regardless of which side breaks, as long as it touches the corresponding liquidation zone, it could trigger a passive transaction that causes excessive volatility, transforming what seemed like a stable range into rapid unilateral movements.
Amplified Volatility: How Key Points Turn Little Ripples into Huge Waves
● Observing recent market performance, it is clear that overall market volatility has significantly intensified, with each breakthrough of key price points often aligning with concentrated liquidations. Once prices approach the previously marked technical levels, leverage positions hanging nearby will be concentratedly triggered, forming a “technical point + liquidation point” overlay effect, causing trading volumes that could have been naturally absorbed by the market to erupt in a short period.
● When psychological thresholds coincide with leveraged positions, even a few percentage points of price movement can evolve into a chain reaction: first, some positions hit stop-losses or are passively reduced, which then drives prices further off, triggering more positions to follow suit in passive adjustments. This mechanical selling or buying that amplifies in layers often enhances extreme emotional reactions, creating a typical scene of “tiny disturbances amplifying into massive jolts.”
● In actual trading, many participants choose to chase bullish positions at the moment of breakthroughs, or hurriedly close positions due to panic at the early stages of retracements. Such behaviors intertwined with systematic liquidations lead to significant resonance between emotional volatility and price movement. Rapid shifts in sentiment do not always stem from fundamentals, but rather from reactions to the price trajectory itself, accelerating price deviations from equilibrium ranges.
The Bull-Bear Tug of War: Short-Term Scenarios and Self-Fulfilling Prophecies
● Currently, the price is repeatedly contested around 70,000 USD, which is essentially a prelude to the battle between bulls and bears over “which side triggers its liquidation zone first.” An effective upward breakthrough could activate the short liquidation chain above 72,000 USD; conversely, if there is a notable retracement and approaches 68,000 USD, it could pierce through the bulls' defenses, releasing potential liquidation pressure at the level of about 859 million USD, making the outcome of short-term scenarios extremely sensitive within this range.
● Traders who understand the distribution of liquidation thresholds will strategically place orders and stop-losses near relevant price points, binding their strategies with potential waves of liquidations. This behavior of “layout around liquidation points” causes order density to increase within specific timeframes. Once prices approach the corresponding levels, the number of active and passive orders that the matching system needs to process in a short period surges, resulting in explosive trading volumes and drastic widening of volatility in localized ranges.
● Ironically, the expectations concerning liquidation volumes could also inversely shape market behavior: some traders believe that “breaking up will trigger a short squeeze,” thus, they preemptively layout long orders; others bet that “breaking down will inevitably cause a long collapse,” actively shorting from above. When most participants bet in the same direction, prices are more likely to move towards the widely expected direction, creating a self-fulfilling prophecy; conversely, when major players reverse leverage this consensus, it may lead to a failure of expectations and result in violent reversals that deny themselves.
After Reaching 70,000: Parallel Tracks of Opportunity and Risk
Both BTC and ETH have broken through key price levels, undeniably adding fuel to the narrative of the “continuation of the bull market”: Bitcoin has returned above 70,000 USD, and Ethereum has risen above the 2100 USD mark, leading the price curves of mainstream assets to once again exhibit an offensive posture. However, this does not mean that the risk of severe withdrawals has disappeared; on the contrary, in an environment where leverage and emotions are highly compounded, any breakthrough could come with an equal intensity of retraction, making the likelihood of a “roller coaster” in higher price ranges still present.
In the short term, the upper 72,000 USD and lower 68,000 USD liquidation thresholds will continue to profoundly influence market rhythm and trader psychology, especially for participants holding high leverage positions, as the importance of risk management is magnified once more. Whether pursuing breakthrough trends or waiting for retracement setups, it’s crucial to be fully aware of the speed and magnitude of the liquidation chain being triggered, to avoid being passively forced out in extraordinarily volatile scenarios.
From a broader time frame perspective, the future movements of BTC and ETH still depend on a wider capital environment and macro context, rather than merely gains or losses at single price levels. Currently standing at seventy thousand is merely a phase coordinates — it serves as both an emotional magnifying glass and a risk amplifier. For participants, the ability to maintain restraint in positions and rhythms amid heightened emotions and volatility may be more critical than predicting the direction of the next K-line.
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