diff --git a/src/language-markdown/parse/micromark/micromark-extension-liquid.js b/src/language-markdown/parse/micromark/micromark-extension-liquid.js
index 8d2db09f5..808879086 100644
--- a/src/language-markdown/parse/micromark/micromark-extension-liquid.js
+++ b/src/language-markdown/parse/micromark/micromark-extension-liquid.js
@@ -17,12 +17,12 @@ const nodeType = "liquidNode";
 function liquidFromMarkdown() {
   return {
     canContainEols: [nodeType],
-    enter: { [nodeType]: enterInlineMath },
-    exit: { [nodeType]: exitInlineMath },
+    enter: { [nodeType]: enter },
+    exit: { [nodeType]: exit },
   };
 
   /** @type {Handle} */
-  function enterInlineMath(token) {
+  function enter(token) {
     this.enter(
       // @ts-expect-error
       { type: nodeType },
@@ -32,7 +32,7 @@ function liquidFromMarkdown() {
   }
 
   /** @type {Handle} */
-  function exitInlineMath(token) {
+  function exit(token) {
     const d = this.resume();
     /** @type {any} */
     const node = this.stack.at(-1);
@@ -49,12 +49,12 @@ function liquidSyntax() {
     text: {
       [codes.leftCurlyBrace]: {
         name: "liquid",
-        tokenize: liquidTokenize,
+        tokenize,
       },
     },
   };
 
-  function liquidTokenize(effects, ok, nok) {
+  function tokenize(effects, ok, nok) {
     return start;
 
     /** @type {State} */
@@ -69,7 +69,7 @@ function liquidSyntax() {
             effects.consume(code);
             return inside;
           default:
-            return nok;
+            return nok(code);
         }
       };
     }
@@ -79,28 +79,61 @@ function liquidSyntax() {
       switch (code) {
         case codes.percentSign:
         case codes.rightCurlyBrace:
-          effects.consume(code);
-          return mayExit;
+          return effects.check({ tokenize: tokenizeClose }, close, data)(code);
         case codes.eof:
-          return nok;
+          return nok(code);
         default:
           if (markdownLineEnding(code)) {
+            effects.exit(types.data);
             effects.enter(types.lineEnding);
             effects.consume(code);
             effects.exit(types.lineEnding);
+            effects.enter(types.data);
             return inside;
           }
-          effects.consume(code);
-          return inside;
+          return data(code);
       }
     }
 
     /** @type {State} */
-    function mayExit(code) {
-      if (code !== codes.rightCurlyBrace) {
-        effects.consume(code);
-        return inside;
+    function data(code) {
+      effects.consume(code);
+      return inside;
+    }
+
+    function tokenizeClose(effects, ok, nok) {
+      return startClose;
+
+      /** @type {State} */
+      function startClose(code) {
+        switch (code) {
+          case codes.percentSign:
+          case codes.rightCurlyBrace:
+            effects.consume(code);
+            return endClose;
+          default:
+            return nok(code);
+        }
       }
+
+      /** @type {State} */
+      function endClose(code) {
+        if (code !== codes.rightCurlyBrace) {
+          return nok(code);
+        }
+        effects.consume(code);
+        return ok;
+      }
+    }
+
+    /** @type {State} */
+    function close(code) {
+      effects.consume(code);
+      return closeEnd;
+    }
+
+    /** @type {State} */
+    function closeEnd(code) {
       effects.consume(code);
       effects.exit(types.data);
       effects.exit(nodeType);
diff --git a/tests/format/markdown/liquid/__snapshots__/format.test.js.snap b/tests/format/markdown/liquid/__snapshots__/format.test.js.snap
index f1319494c..d79547f8f 100644
--- a/tests/format/markdown/liquid/__snapshots__/format.test.js.snap
+++ b/tests/format/markdown/liquid/__snapshots__/format.test.js.snap
@@ -70,6 +70,152 @@ where does it end }}
 ================================================================================
 `;
 
+exports[`example-2.md - {"proseWrap":"always"} format 1`] = `
+====================================options=====================================
+parsers: ["markdown"]
+proseWrap: "always"
+                                                      printWidth: 80 (default) |
+=====================================input======================================
+# linebreak after opening brace
+
+{
+
+---
+
+# including empty lines
+
+{{ foo
+
+bar   baz
+
+qux }}
+
+---
+
+# line break after %
+
+{% foo %
+
+bar  baz %}
+
+=====================================output=====================================
+# linebreak after opening brace
+
+{
+
+---
+
+# including empty lines
+
+{{ foo
+
+bar baz
+
+qux }}
+
+---
+
+# line break after %
+
+{% foo %
+
+bar baz %}
+
+================================================================================
+`;
+
+exports[`example-2.md format 1`] = `
+====================================options=====================================
+parsers: ["markdown"]
+                                                      printWidth: 80 (default) |
+=====================================input======================================
+# linebreak after opening brace
+
+{
+
+---
+
+# including empty lines
+
+{{ foo
+
+bar   baz
+
+qux }}
+
+---
+
+# line break after %
+
+{% foo %
+
+bar  baz %}
+
+=====================================output=====================================
+# linebreak after opening brace
+
+{
+
+---
+
+# including empty lines
+
+{{ foo
+
+bar baz
+
+qux }}
+
+---
+
+# line break after %
+
+{% foo %
+
+bar baz %}
+
+================================================================================
+`;
+
+exports[`issue-19386.md - {"proseWrap":"always"} format 1`] = `
+====================================options=====================================
+parsers: ["markdown"]
+proseWrap: "always"
+                                                      printWidth: 80 (default) |
+=====================================input======================================
+{{ rule({
+    categories: {
+    }
+}) }}
+
+=====================================output=====================================
+{{ rule({
+    categories: {
+    }
+}) }}
+
+================================================================================
+`;
+
+exports[`issue-19386.md format 1`] = `
+====================================options=====================================
+parsers: ["markdown"]
+                                                      printWidth: 80 (default) |
+=====================================input======================================
+{{ rule({
+    categories: {
+    }
+}) }}
+
+=====================================output=====================================
+{{ rule({
+    categories: {
+    }
+}) }}
+
+================================================================================
+`;
+
 exports[`unbalanced-mismatched-braces.md - {"proseWrap":"always"} format 1`] = `
 ====================================options=====================================
 parsers: ["markdown"]
diff --git a/tests/format/markdown/liquid/example-2.md b/tests/format/markdown/liquid/example-2.md
new file mode 100644
index 000000000..55d203bfa
--- /dev/null
+++ b/tests/format/markdown/liquid/example-2.md
@@ -0,0 +1,21 @@
+# linebreak after opening brace
+
+{
+
+---
+
+# including empty lines
+
+{{ foo
+
+bar   baz
+
+qux }}
+
+---
+
+# line break after %
+
+{% foo %
+
+bar  baz %}
diff --git a/tests/format/markdown/liquid/issue-19386.md b/tests/format/markdown/liquid/issue-19386.md
new file mode 100644
index 000000000..7454a8160
--- /dev/null
+++ b/tests/format/markdown/liquid/issue-19386.md
@@ -0,0 +1,4 @@
+{{ rule({
+    categories: {
+    }
+}) }}