Well, just like when a bank sells a house it foreclosed on, the selling price is below the price that the borrower had paid (or at least, below the amount of the loan that is still owed).

There is always a buyer of any asset at some price. So the liquidations kept lowering the price of bitcoin until a willing and able buyer was found.

Who specifically are these buyers? Well, a lot of people who DCA (dollar cost average) are buying regularly ... a $1 that used to buy 2,000 sats some time ago now buys 5,000 sats. So more sats are being acquired by those who buy even though their dollar value purchases have not increased.

But there's also speculators who are more interested in owning bitcoin at $20K than they were when it was at $50K. So they "bought the dip" (Now whether they hold if this isn't just a dip but a long term bear market, who knows).