Bitcoin Falls to $119,000 as $450 Million in Longs Are Liquidated in One Hour
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.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
