Bitcoin dropped to $59,100 on Friday — its lowest price of 2026 — as a brutal week of selling pressure culminated in a fresh 19.3% seven-day decline. The slide triggered a cascade of forced liquidations that swept through the crypto market: more than 351,000 traders got margin-called and wiped out within a single 24-hour period, per exchange data.
The rout means more than half of all Bitcoin holdings are now sitting at a loss, with the average acquisition price above the current spot price. It's a sharp reversal from just a few weeks ago, when most short-term holders were still in the green.
What the liquidation wave looks like
The 351,000 liquidations spanned centralized exchanges and decentralized platforms alike. The vast majority were long positions — traders betting prices would bounce — that got steamrolled as Bitcoin accelerated through key support levels. The exact dollar figure of the liquidation cascade hasn't been confirmed by all exchanges, but the tally of accounts hit underscores how levered the market had gotten in the run-up to this week's drop.
By Friday afternoon, the total open interest across Bitcoin futures had shrunk by roughly a quarter from the start of the week, suggesting a significant amount of speculative capital was flushed out.
Bitcoin's 2026 low — and what it leaves behind
At $59,100, Bitcoin has now erased all gains accumulated since early January. The year's previous low had been set back in late spring, but Friday's print breached that floor by a wide margin. The drop also dragged the broader crypto market lower, though Bitcoin's dominance — its share of total market cap — held above 50%, a sign that altcoins got hit even harder on a percentage basis.
For the many holders now underwater, the question is whether $59,100 will act as a support zone or merely a stop on the way to lower levels. Historically, when more than half of supply goes negative, further selling pressure can intensify as loss-averse holders decide to cut losses.
What comes next
The market is now watching for the next batch of weekly options expiry, scheduled for later this evening, which could introduce additional volatility if large puts are exercised near the current price. Exchanges have flagged heavier-than-usual traffic on their support desks as users try to understand their positions. No major protocol or exchange has reported any technical failures so far.
The liquidation event is the biggest since late 2025, and the low is the worst print of 2026. Whether the slide has more room to run will depend on whether any major buying interest emerges at these levels — or if the next wave of stops sits just below $59,000.
