The cryptocurrency market faced intense selling pressure on Friday, with Bitcoin dropping to $119,018 as a wave of long liquidations swept through the market.
The decline marks a 2% fall in the past hour, pulling total crypto market capitalization down to $2.37 trillion.
According to liquidation data from CoinGlass, over $452 million in leveraged positions were wiped out within a single hour, with long traders taking the brunt of the losses. Of that amount, $426 million came from long positions, while shorts accounted for just $25 million.
Long Traders Hit Hard as Momentum Reverses
Over the past 24 hours, total liquidations reached $779 million, with $622 million of those stemming from longs. The sharp imbalance suggests traders were overwhelmingly betting on further upside before the market turned lower.
Bitcoin’s decline has been mirrored across the broader crypto market, where trading volume remains high at $72.8 billion in the past 24 hours. Analysts note that the recent drop may represent a leverage reset after several days of overly bullish positioning.
Market Sentiment Turns Cautious
The pullback has reignited caution among traders, many of whom expected continued strength heading into mid-October. Analysts now see immediate support around $118,000–$115,000, with resistance forming near $122,000.
As long positions continue to unwind, the coming sessions could determine whether this move deepens into a broader correction or stabilizes near current levels.
