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Bitcoin Drops Below $104K Amid $700M Liquidation as US-China Trade Tensions Escalate
Yesterday, Bitcoin fell below $104,000 and nearly $700 million in liquidations occurred. Over the last 24 hours, a total of $688 million was liquidated, with 89% of this stemming from long positions, indicating an overly bullish sentiment among traders. The largest liquidation involved a $12.25 million order for BTC/USDT on the OKX exchange.
The plunge is attributed to a new escalation in the trade war between the US and China. US President Donald Trump announced a hike in tariffs on Chinese steel and aluminum, raising them to 50%, accusing China of violating the May agreement.
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AI Analysis
The recent decline of Bitcoin below the $104,000 mark and the substantial liquidations of $688 million within 24 hours suggest a significant shift in market sentiment. The fact that 89% of these liqui...
AI Recommendation
Given the recent sharp decline and the surge in liquidations, it would be prudent to adopt a cautious stance. Traders should evaluate their positions carefully and consider reducing exposure if they a...
Disclaimer
The AI analysis and recommendations provided are for informational purposes only. Any investment decisions should be made at your own risk. Past performance is not indicative of future results. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions.