Bitcoin market trends influence the risk landscape of the derivatives market. Once it breaks through $90,000, the accumulated short positions on mainstream exchanges face concentrated liquidation pressure, with a liquidation strength potentially reaching $709 million; on the other hand, if it drops below the $87,000 level, long position holders face increased risk, with an estimated liquidation strength of $823 million. These two price points become key support and resistance levels in the derivatives market, directly determining the survival of a large number of positions.