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Bitcoin continues to trade below $90,000, struggling to recover after several days of heavy selling and aggressive long liquidations. Sellers keep pushing price lower, and bulls fail to reclaim momentum, creating a market environment filled with uncertainty and fear. Every attempt to bounce meets immediate resistance, showing how much control bears currently hold.
Data shared by Axel Adler shows a clear shift in derivatives pressure toward buyers. The liquidation dominance oscillator now sits at 32%, one of its highest readings in recent years. This level signals that leveraged bulls keep taking the majority of the damage, with long positions consistently wiped out as volatility rises. Instead of absorbing the drawdown, many traders continue to unwind or get forced out of their positions.
These repeated long liquidations fuel deeper downside moves and block any meaningful recovery attempts. The market now watches closely to see whether this wave of forced selling will continue dragging Bitcoin lower or if the pressure is finally reaching exhaustion.
Adler explains that the liquidation dominance oscillator measures the ratio between long and short liquidations across the derivatives market. When the indicator prints positive values, shown as green bars, long positions take the bulk of the damage.
Negative values reflect a dominance of short liquidations. Bitcoin’s current reading of 32% stands out as one of the highest levels seen in the last three years, highlighting how aggressively bulls have been forced out during this correction.
November illustrates this perfectly. The market saw three separate waves of long liquidations, each exceeding $400 million. Every one of those spikes aligned with a sharp acceleration in Bitcoin’s price decline, reinforcing how leveraged buyers repeatedly amplified downside momentum. Rather than stabilizing the market, each flush created more selling pressure and triggered deeper unwinding across futures platforms.
The most recent liquidation wave reached $221 million, hitting the market right as Bitcoin attempted a short-term recovery. That flush immediately reversed the bounce and dragged BTC back down to the $86,000 region, erasing nearly all of last week’s gains. The persistent dominance of long liquidations shows that bulls remain under heavy stress — and until this dynamic eases, Bitcoin will struggle to build sustainable upside.
