Bitcoin wobbles at $110K as trader says $20B liquidation rout not 'bottom'

Bitcoin remained near three-week lows following a record $20 billion liquidation event, spurring cautions that the market bottom is still not reached. Pressure on the $110,000 support level persisted, with Bitcoin (BTC) and altcoins impacted significantly by this unprecedented liquidation event. Traders indicated an ongoing cleanse of market exuberance amidst fresh concerns over the US-China trade war, creating volatility in broader markets, highlighted by the S&P 500 dropping 2.7%. The relative strength index (RSI) for BTC became deeply oversold, indicating potential further downturns. Some traders suggested passive buying occurred at higher prices, but overall resistance at around $120,000 loomed heavy, with little support under $110,000 potentially leading to further declines. Predictions from cautious traders indicated that new lows could still materialize as various market dynamics continue. Liquidations reportedly could be higher than the published figures, hinting at deeper market instability. Overall, participants were advised to remain diligent and conduct thorough research before making investment decisions, given the risks involved in this volatile environment.

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