According to the latest on-chain data analysis, if the price of Bitcoin breaks through $104,000, the short order liquidation intensity of mainstream cryptocurrency exchanges is expected to reach $915 million, showing the market's sensitivity to price increases. On the contrary, if Bitcoin falls below $101,000, the long order liquidation intensity will reach $609 million, indicating the market's response to price declines. The strength column of the liquidation chart reveals the potential impact of price changes on market liquidity, foreshadowing the volatility that may occur in the market in the future.