Bitcoin is nearing a critical price level of $92,000, where approximately $848 million in long positions could face liquidation on major centralized exchanges, according to Coinglass data. This threshold poses a significant risk for leveraged traders while offering a potential entry point for contrarian investors. The price movement is driven by increased leveraged trading and macroeconomic factors, with the 200-day moving average at around $110,000 serving as a historical psychological support. In October 2025, Bitcoin reached a record high of $126,296 before experiencing an 18% decline. During this period, long-term holders sold 84,806 units, indicating a potential peak in the current cycle.