Bitcoin pulls back to $120K, sparking $120M in liquidations

The largest cryptocurrency faced heavy long-side liquidations, with BTC, ETH, and SOL leading on-chain wipeouts.

Key Takeaways

• Bitcoin’s brief dip to $120K triggered over $120 million in liquidations, led by Bitcoin, Ethereum, and Solana positions.
• Analysts describe the pullback as a healthy correction before potential continuation of the uptrend.

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Bitcoin pulled back to the $120,000 level today, triggering over $120 million in liquidations across major crypto assets within the past hour.

Roughly $100 million came from long positions and $20 million from shorts, with Bitcoin leading the liquidations at $67 million. Ethereum and Solana followed with $19 million and $14 million respectively.

Analysts view the recent declines as a necessary correction to cool off speculative excess and reset leverage conditions after Bitcoin’s rapid run-up.

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