Bitcoin tests $110,000 support as risk aversion deepens amid US–China tensions

Bitcoin hovered above USD 110,000 on Thursday, testing key support as renewed U.S.–China trade frictions continued to weigh on risk appetite.

The cautious tone across markets was underscored by gold hitting successive record highs above USD 4,230 per ounce, reflecting investors’ preference for safe-haven assets.

ETF flows mirrored this sentiment, with US spot Bitcoin funds posting another outflow of USD 94 million on Wednesday, while derivatives data showed ongoing selling pressure.

Over the past 24 hours, total liquidations reached USD 418 million, with long positions outnumbering shorts by roughly 2.4 to 1, highlighting forced unwinds and fading bullish conviction.

Additionally, on-chain data confirmed profit-taking among long-term investors. Holders with positions older than 155 days sold around 265,700 BTC in the past month, marking the largest such outflow since January. The move reflects rising caution among veteran holders amid volatility, painting a bearish scenario for the cryptocurrency.