Bitcoin (BTC) had a rough Friday, and that's putting it mildly. The leading cryptocurrency tumbled to $94,326 as macro headwinds and weakening institutional appetite dragged the entire crypto market into the red.

The damage wasn't limited to Bitcoin. Here's where the major cryptocurrencies stood:

The Carnage in Numbers:

• Coinglass data shows 216,892 traders were liquidated in the past 24 hours for $1.06 billion.
• In the past 24 hours, top gainers include Starknet, Zcash and Dash.

What Traders Are Saying:

Altcoin Sherpa expects BTC to continue grinding lower until it reaches a meaningful support zone, potentially near $91,000, though a clear buyer base has yet to appear.

Ted Pillows noted Bitcoin's break below $98,000 now puts the spotlight on the $92,000–$93,000 region, a key support cluster aligned with a CME gap, which may attract price before any relief bounce.

Niels reported Bitcoin's drop under $95,000 triggered more than $1.23 billion in long liquidations in just 24 hours, contributing to over $1.6 trillion erased across global crypto and equity markets.

Many traders anticipated a relief rally after the U.S. government shutdown ended, but price action has moved sharply in the opposite direction.

Markets now shift from asking why the drop occurred to the more critical question: Is this the start of a deeper downturn, or the final capitulation before Bitcoin's next major move?