Bitcoin has shown a dangerous signal at a critical level. If the price falls below $87,000, the liquidation of long positions on mainstream CEXs will reach a total of 763 million — that's no small number.

What does this mean? A chain reaction. Large-scale forced liquidations could trigger panic selling, with sell orders piling up, potentially causing the price to decline further. The market is currently at this critical point, and the pressure from bears is quite significant.

From a technical perspective, $87,000 has become a life-and-death line for the bulls. Once broken, stop-loss orders will flood out, and market liquidity will be rapidly absorbed. Under these circumstances, a rebound will be significantly more difficult.

Simply put: there are strong reasons to be bearish right now. Long position holders need to be especially cautious; risk management is more important than anything else.