The liquidation skew tells us that shorts increasingly leaned into weakness and got run over by a persistent bid as Bitcoin spiked above $120,000.
The day’s largest liquidation was a $9.14 million BTC-USDT-SWAP order on OKX. Single tickets of that size aren’t market-moving in isolation at current liquidity, but they illustrate how quickly convexity bites once price lifts through obvious short entry clusters and liquidation bands.
If BTC holds above $121,000, the short liquidation supply should cool unless price stretches into fresh pockets higher. A swift retrace would flip risk toward over-eager longs, but today’s ledger shows positioning pain sat with bears.
