Bitcoin's jump to 85,000 wiped out a big cluster of short bets, and now a fresh pile of leveraged long bets is stacking up far below — a warning sign for anyone holding crypto on borrowed money.

• Bitcoin's recent move up to 85,000 cleared out the stop losses of traders who were betting on a drop, so that danger zone is gone.
• Many traders now believe the bear market is over and are piling into long bets with extreme leverage, some at 25 to 100 times their money.
• Those bets share a common forced-sell point in the low 60,000s, which is now the biggest concentration of liquidation risk on the chart.
• Big liquidation clusters tend to act like magnets, since exchanges and large players have every reason to push price toward them and wipe out the leveraged crowd.
• A smaller cluster sits in the low 50,000s, but it is thin for now.

Outlook: If Bitcoin starts to fall, the low 60,000s is where a cascade of forced selling could hit and drag the whole crypto market down with it, though these levels shift day to day.