Just finished reviewing the data, and it's a bit chilling. In the past hour, the entire network experienced liquidations totaling 50 million USD, with 20 million USD coming from BTC, and almost all of them being long positions. Basically, it's a bunch of leveraged positions betting on the rise, which have been forcibly wiped out by the market in this wave.

On the surface, this seems like a sign of an impending decline. But I looked at the 4-hour chart for a while, and the MACD's white-yellow line quietly crossed above the zero axis, which is interesting. Despite the bloodbath in the news, the technicals show a hint of vitality.

The question is, now the most confusing thing is: tonight's market, will it push upward toward the 89500 resistance level, or should we be wary of the support levels at 86700 and even 84100 being broken? Should we hold our positions or exit?

**The Logic Behind the Liquidation Wave**

A liquidation of 50 million USD in one hour, especially concentrated on long positions, is somewhat subtle. Once the forced liquidations are complete, the selling pressure from those orders is basically cleared. In other words, the short-term panic may be nearing its end, and this might not be the start of a decline but rather a "market cleansing" process.

**It all depends on this line**

The current price is 87465.9, exactly at a key technical level. This position is the dividing line between bulls and bears tonight. To push higher past 89500, the upward momentum needs to be sustained by MACD; to prevent a breakdown, support at 86700 and even 84100 must hold, or the technical picture could break down completely.