After fluctuating around the $60,000 range recently, Bitcoin is currently consolidating near the $70,000 mark. According to Coinglass data, two-way liquidation pressure is also increasing.
- If Bitcoin falls below $68,000 , the total liquidation intensity of long positions on major centralized exchanges will reach $1.08 billion.
- If Bitcoin breaks through $72,000 , the total short liquidation intensity on major CEXs will reach $792 million.
The pressure from the bulls (1.08 billion) is significantly higher than that from the bears (792 million), which means that once the price breaks down, the chain reaction of liquidation may be more severe.
The Coinglass liquidation chart does not show the exact number of contracts to be liquidated or the value of the contracts being liquidated, but rather presents the relative importance of each liquidation cluster, i.e., "strength".
Analysts warn of a "stress-relief rebound"
The main catalyst for Bitcoin's recent rebound came last week's release of US CPI data, which showed a cooling to 2.4%, driving a collective rise in risk assets. However, several analysts warn that the current rebound is more like a "relief rally" than the start of a new upward trend, with the crypto fear and greed index still in extreme fear territory.
JPMorgan analysts are optimistic about the second half of the year, believing that continued institutional inflows will be the main driver of the crypto market in 2026.
Established meme coins stage a full-scale counterattack, with PEPE leading the gains at 30%.
With Bitcoin stabilizing, established meme coins have seen a collective rebound:
- PEPE : Up over 30% in 24 hours
- DOGE : Up over 18% in 24 hours
- FLOKI : Up over 12% in 24 hours
- WIF : Up over 10% in 24 hours
- SHIB : Up over 10% in 24 hours
- BONK : Up over 10% in 24 hours
This surge in meme coins is seen by some traders as an early sign of the return of the "Meme Season." As Bitcoin rebounds and stabilizes from its lows, funds are beginning to rotate into high-beta assets, with the meme coin sector being the first to benefit.
However, most meme coins are still down 70% to 90% from last year's highs, so those chasing the rally should be aware of the risk of a pullback.
