Bitcoin Prices Drop as $100 Million in Long Positions Get Liquidated

Following a new all-time high at $12,000, Bitcoin experienced a pullback on Friday, triggering a wave of profit-taking and selling. This resulted in a significant surge in losses for traders holding long positions as reported by Coinglass, with over $100 million in longs being liquidated within the last 24 hours. 30 million was the amount of shorts liquidations that occurred. The shift in position from long to short is a sign of the market’s volatility.