Bitcoin faces potential large-scale liquidations of short positions as its price approaches key thresholds. Initially, over $6 billion worth of Bitcoin shorts were reported at risk of liquidation if the price broke above $115,000. Subsequent updates indicated fluctuations in the liquidation amounts and price targets, with figures ranging from $1.5 billion at $120,000 to as much as $9 billion at $125,000. By mid-July, the liquidation risk at $130,000 was estimated between $7 billion and $8 billion. Market observations noted an unusual combination of declining Bitcoin prices alongside rising open interest, suggesting traders are increasing short bets or leverage positions. This divergence, coupled with strong buying activity around $115,000 to $117,000, points to a potential short squeeze scenario. Futures net positions have dropped below -$100 million, marking the most bearish sentiment since early July, yet Bitcoin remains resilient near $115,000, absorbing sell pressure. These dynamics indicate heightened volatility and the possibility of significant market movements if Bitcoin crosses these critical price levels.