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Bitcoin is doing really well on the daily chart, and the derivatives board by CoinGlass is basically flashing a warning light at anyone still short.
BTC last printed around $91,222, up about 0.70% on the session. That might not sound like much, but when you look at the liquidation "max pain" map, you will see that for bears it is right next to the door.
The key number here is the short max-pain level at $91,962, a zone sitting about 1.09% above the current price tied to an estimated $112.84 million of short-side damage if the price taps it.
This is the part that market participants hate, because it is not about being "right" in terms of direction, it is about being in the wrong place at the wrong time, when there are too many people there.
Bear fuel for Bitcoin
When the price is within a percent of a known pressure point, even a normal push can turn into a forced buy. This is how a quiet grind suddenly turns into a fast candle that makes the chart look like it went parabolic.
The other side of the map explains why bulls are not exactly panicking either. The long max pain sits much lower at $86,225 per BTC, about 5.21% away, and it carries a larger number, $226.89 million, which tells you where the bigger downside trap lives if the market flips risk-off.
For now, the plan is to hold above the current area, and a test of $91,963 will be the obvious trigger to watch because once that level is hit, the bear exit can become fuel.
Gamza Khanzadaev
Tomiwabold Olajide
Arman Shirinyan