Key points:<\/strong><\/p>\n Bitcoin and altcoins reel from the biggest liquidation event in crypto history.<\/p>\n<\/li>\n BTC price action fails to stage a rebound from multi-week lows, with $100,000 getting closer.<\/p>\n<\/li>\n Crypto is beginning a \u201ccleanse\u201d of bull-market euphoria, a trader says.<\/p>\n<\/li>\n<\/ul>\n Bitcoin (BTC<\/a>) pressured $110,000 support on Saturday as the dust settled on a record $20 billion liquidation event.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD struggling to rebound after falling to three-week lows on Bitstamp.<\/p>\n Fresh market nerves over the US-China trade war punished risk assets<\/a> across the board. The S&P 500 closed down 2.7% Friday, while gold emerged as a rare beneficiary, heading back above $4,000 per ounce.<\/p>\n Amid the crypto carnage, Bitcoin\u2019s relative strength index (RSI<\/a>) became deeply \u201coversold.\u201d Four-hour RSI was at levels not seen since the start of the trade war debacle<\/a> in February.<\/p>\n \u201cSeeing a lot of short positioning rolling off here aggregately,\u201d trader Skew wrote<\/a> in ongoing coverage on X.<\/p>\n \u201cSome passive buying ongoing mostly via coinbase spot (bit of a coinbase premium atm too). Spreads across the board are still super wide, MMs probably assessing damage before liquidity returns much later.\u201d<\/p><\/blockquote>\n $BTC<\/a> Here’s Binance & Coinbase Spot \u2014 Skew \u0394 (@52kskew) October 11, 2025<\/a><\/p><\/blockquote>\n Skew added that even major crypto exchanges had struggled during the downside volatility.<\/p>\n Fellow trader Roman, who was cautious about the strength of the bull market<\/a> in recent weeks, predicted that new lows were to come.<\/p>\n \u201cThis isn\u2019t the bottom,\u201d he told<\/a> X followers.\u00a0<\/p>\n \u201cThere\u2019s over 30m $alt coins that are mostly scam projects. $BTC also went up 700% from its macro bottom. The long awaited crypto cleanse has begun.\u201d<\/p><\/blockquote>\n Traders betting big on the bull run suffered to an extent never seen in crypto market history.<\/p>\n Related: <\/strong><\/em>Bitcoin may get \u2018dragged around a bit\u2019 amid Trump tariff fears: Exec<\/strong><\/em><\/a><\/p>\n Data from CoinGlass<\/a> indicates that 24-hour liquidations reached nearly $20 billion, with long positions comprising the vast majority.<\/p>\n \u201cThe actual total is likely much higher \u2014 Binance only reports one liquidation order per second,\u201d CoinGlass said<\/a> on X about the figures.<\/p>\n Exchange order-book liquidity showed a severe imbalance between bids and asks \u2014\u00a0resistance was stacked around $120,000, while little support was in place to prevent a fresh dive toward the $100,000 mark.<\/p>\n Earlier, Cointelegraph reported<\/a> on expectations that BTC\/USD could revisit the bottom of its local range at $108,000 as part of \u201cping pong<\/a>\u201d price action.<\/p>\n This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/p>\n <\/div>\n\n
Trader sees start of \u201ccrypto cleanse\u201d<\/h2>\n
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6K Price slip on binance spot vs coinbase spot today, although binance did 81.9K BTC in Volume on that 4H candle pic.twitter.com\/nhFb79cFGi<\/a><\/p>\nLiquidations \u201clikely much higher\u201d than $20 billion<\/h2>\n