1. BTCUSD declined 3%, trading around $112,399 amidst U.S.-China trade tensions. 2. More than $19 billion crypto positions were liquidated last Friday. 3. Bitcoin tested a primary support level at $108,300, vital for future trends. 4. Secondary support level noted at $94,200 if bearish conditions persist. 5. Long-term bullish trend remains despite recent pullbacks in Bitcoin prices.
The recent 3% decline and significant liquidation indicate selling pressure. Particularly, breaking below key support levels often precedes further declines, as seen in past market corrections.
Trade tensions can lead to increased market volatility, directly impacting BTCUSD prices. The high liquidation volume showcases market fragility, making it vital for investors.
Immediate focus on support levels means short-term volatility is likely. Historical trends show price volatility often occurs in response to trader sentiment around key economic events like trade tensions.