Crypto markets reversed sharply on Friday, as Bitcoin (BTC) plunged below $103,000, erasing earlier gains and highlighting persistent uncertainty in the market.
Bitcoin started the day strong, trading around $106,500, but swiftly tumbled during U.S. trading hours. By press time, it had clawed back slightly to $103,200, marking a 1.2% loss over the past 24 hours.
The sell-off rippled through other major cryptocurrencies. Ethereum (ETH) dropped 4.5% in just 90 minutes, reaching lows of $2,372, with trading volumes spiking to nearly 800,000 ETH—about eight times the typical hourly average, per CoinDesk data. Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) all saw losses ranging from 3% to 5% during the same period.
The sudden volatility caught traders off guard, wiping out approximately $450 million in crypto derivatives positions across centralized exchanges, according to CoinGlass. About $387 million of those liquidations stemmed from long positions, where traders were betting on rising prices.
Despite macroeconomic headwinds—including the ongoing conflict between Israel and Iran—no single event appeared to trigger Bitcoin’s sharp downturn. Meanwhile, traditional equity markets stayed relatively calm, with the S&P 500 and Nasdaq 100 posting only modest declines.
Bitcoin’s Sideways Pattern Persists
Looking at the broader picture, Bitcoin remains range-bound, trading between $100,000 and $110,000, just below its all-time highs.
“The mixed view of whether BTC will go above $110,000 again or drop into the $90,000 area doesn’t surprise me at all and underscores the overall indecision people and markets feel,” said James Toledano, Chief Operating Officer at Unity Wallet.
“The present BTC stalemate reflects a market caught between bullish long-term sentiment and short-term macroeconomic and geopolitical uncertainty,” he added.
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