Highlights:
Bitcoin and altcoins struggle following the largest liquidation event in crypto history.
BTC price remains sluggish, nearing a fall to $100,000 from multiple week lows.
A trader comments on crypto entering a period of “cleansing” from bullish hype.
On Saturday, Bitcoin (BTC) tested the $110,000 support level as a record $20 billion liquidation event unfolded.
Trader suggests beginning of “crypto cleanse”
According to data from Cointelegraph Markets Pro and TradingView, BTC/USD is struggling to recover after hitting three-week lows on Bitstamp.
Fresh anxiety over the US-China trade tensions has put pressure on risk assets overall. The S&P 500 dropped 2.7% on Friday, while gold performed relatively well, rising back above $4,000 per ounce.
During the ongoing crypto turmoil, Bitcoin’s relative strength index (RSI) hit a significant “oversold” state. The four-hour RSI reached levels last seen at the beginning of the trade conflict in February.
“Noticing a considerable amount of short positions closing overall,” trader Skew reported on X.
“There’s some passive buying happening largely through Coinbase spot (currently a slight premium there). Spreads are significantly wide, market makers likely evaluating losses before liquidity resumes afterward.”
$BTC A look at Binance & Coinbase Spot
6K price discrepancy on Binance spot compared to Coinbase spot today, with Binance recording 81.9K BTC in volume during that 4-hour candle pic.twitter.com/nhFb79cFGi— Skew Δ (@52kskew) October 11, 2025
Skew mentioned that even major exchanges were under pressure during this volatility.
Another trader, Roman, who remained skeptical about the bull market strength in previous weeks, anticipated that further lows might follow.
“This is not the bottom,” he informed his followers on X.
“There are over 30 million $alt coins, most of which are scams. $BTC has also surged 700% from its macro low. The long-awaited crypto cleanse is underway.”
Liquidations “likely much higher” than $20 billion
Traders with big bets on the bull run experienced unprecedented losses in crypto market history.
Related: Bitcoin may face volatility amid Trump tariff concerns: Executive
Data from CoinGlass indicates that 24-hour liquidations reached almost $20 billion, primarily from long positions.
“The actual figure is likely significantly higher — Binance records just one liquidation order per second,” CoinGlass noted on X regarding the statistics.
Order-book liquidity on exchanges displayed a significant imbalance in bids and asks — resistance was piled around $120,000, with minimal support to deter a drop to the $100,000 zone.
Earlier, Cointelegraph reported expectations that BTC/USD might revisit its local range low at $108,000 as part of “ping pong” price movements.
This article does not constitute investment advice or recommendations. All investment and trading actions carry risks, and readers should conduct their own research before making decisions.
