Jiang Zhuoer, founder of the B.TOP mining pool, said Bitcoin has not experienced a clear correction since surging sharply on Aug. 20. He described the market as being in the early stages of a bull market marked by distrust and skepticism, with many investors still deeply fearful of a sharp decline. The liquidation heatmap shows a larger concentration near $76,000 below the market than near $83,000 above it. Jiang said this imbalance makes the lower liquidation area more likely to be reached through a magnetic effect, which was the main reason he sold his entire BTC position at $82,000 two days earlier.