Bitcoin dropped to a low of $102,225, reversing the gains recorded earlier in the day after failing to break through resistance above $106,000.
Data from Coinglass shows that more than $466 million in leveraged positions were wiped out in the past 24 hours. Of this, $392.9 million came from long positions while about $73.4 million came from shorts.
As of press time, Bitcoin was trading at $103,122 as bulls attempted to hold above the $102,000 support established earlier this month. Meanwhile, Ethereum was trading at $2,412 after falling to a low of $2,363.
The wider altcoin market mirrored Ethereum’s performance and fell to new monthly lows despite Bitcoin holding above $102,000.
Technical analysts warned that if Bitcoin closes below the key $102,000 threshold, it could open the door to deeper losses toward $100,000 or even the mid-$90,000 range. However, the spike in liquidations and extreme negative sentiment might signal a possible short-term bottom if buyers step in to absorb the sell-off.
Markets will be watching closely for signs of stabilization over the weekend, with attention focused on whether Bitcoin can hold above psychological support at $100,000, a level traders view as critical for keeping bullish momentum intact.
