Bitcoin dramatic downward shift sends altcoins into double-digit losses

Bitcoin shed $6,000 briefly after testing the $71,000 key resistance. Liquidated long positions approaching $800 million. Altcoins posted double-digit losses as their high correlation with Bitcoin still stands tall. Bitcoin's price saw a red Friday after plunging nearly 5% on the day. The move also saw the largest digital asset dragging down altcoins as it looked set to close the week on a bearish note.

The market has witnessed more than $870 million in liquidations in the past 24 hours, with 95% of that number coming in the last 12 hours, according to data from Coinglass. Liquidated long positions are approaching the $800 million mark, with over $780 million positions wiped out.

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