Bitcoin remains unstable after record liquidations, analysts say

Bitcoin remains unstable even after a record forced liquidation event exceeding $19 billion, Cointelegraph reported, citing multiple experts. Crypto trader Skew projected that while the wave of forced liquidations is subsiding and passive buying is appearing on the Coinbase spot market, it will take time for liquidity to recover. Another trader, Roman, stated that this is not the bottom, noting that the altcoin market contains numerous scam projects and that BTC has rallied more than 700% from its low. Roman added that a major cleansing of the crypto space has begun. The outlet noted that while Coinglass data indicates around $20 billion in forced liquidations over the past 24 hours, the actual total is likely much higher due to API lags. Cointelegraph also projected that Bitcoin currently faces significant resistance around the $120,000 level, whereas support to prevent a drop below $100,000 is minimal.