Bitcoin is at risk of looping lower because thin bid support and stacked leverage leave it exposed to liquidation cascades before any short squeeze can trigger. Flipping $112k into a higher-low base and holding above $108k would give Bitcoin bulls footing to rebuild momentum. The 12H Liquidation Heatmap highlighted stacked leverage across key price levels, leaving both bulls and bears exposed. In that backdrop, the past 24 hours played out as a bear trap for bulls.