Bitcoin and Ethereum prices plummeted by 2.5% over the past hour as liquidation across exchanges crossed $120 billion.
$114 million in long positions in Bitcoin and Ethereum were liquidated, fueling a bearish narrative among investors.
Analysts predict Bitcoin price will drop below $39,000 support, and Ethereum struggles to move past resistance at $3,043.
Bitcoin and Ethereum prices struggle to move past resistance as the crypto market downturn forces $120 billion in liquidations. 95% of the liquidations are in long positions in Bitcoin and Ethereum .

Bitcoin and Ethereum prices prepare for a drop with mass liquidation
Bitcoin and Ethereum prices witnessed a 4% drop overnight as $120 billion in BTC and ETH positions were liquidated within an hour. Based on data from Coinglass, a crypto data analytics firm, 95% of the liquidations occurred in long orders.