Bitcoin Dives Under $103K as Sudden Volatility Triggers $450M in Crypto Liquidations

Bitcoin reversed sharply on Friday, sinking below $103,000 after climbing past $106,500 earlier in the day, wiping out early market optimism and leaving traders on edge.

At last check, BTC had recovered slightly to around $103,200, marking a 1.2% decline over the past 24 hours.

The downturn wasn’t limited to bitcoin. Ethereum’s ether (ETH) plummeted 4.5% within 90 minutes to hit lows of $2,372, as trading volume ballooned to nearly 800,000 ETH—about eight times the normal hourly average, according to CoinDesk data. Meanwhile, Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) each posted losses ranging between 3% and 5% over the same period.

The abrupt volatility blindsided many traders, leading to roughly $450 million in liquidations across crypto derivatives markets, per CoinGlass. Long positions—bets on prices rising—made up the bulk of the damage, accounting for about $387 million of those liquidations.

Despite broader macroeconomic risks, including persistent tensions between Israel and Iran, there was no clear external trigger behind the swift market drop. By contrast, traditional markets saw only modest losses, with the S&P 500 and Nasdaq 100 edging slightly lower.

Bitcoin’s Range-Bound Struggle

Zooming out, bitcoin remains stuck in a sideways trading range, fluctuating between $100,000 and $110,000, still 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, COO of Unity Wallet.

“The present BTC stalemate reflects a market caught between bullish long-term sentiment and short-term macroeconomic and geopolitical uncertainty,” he added.