Bitcoin faced a sharp downturn as its price slipped below $70,000, triggering significant concern among crypto investors. This marks the first time since August that Bitcoin has traded at these levels, with heightened volatility shaking the broader digital asset market.
Mass liquidations hit crypto markets
Over the past 24 hours, data from analytics provider CoinGlass shows that 187,171 traders were liquidated across various exchanges. These liquidations reached a combined value of $1.65 billion, underlining the severity of the recent sell-off.
Long positions bore the brunt of the impact, amounting to $1.46 billion in liquidations, compared to just $183 million in shorts. Bitcoin accounted for the largest share, with $918.6 million liquidated, and 95.4% of those were long positions. The single largest liquidation reportedly involved a $31 million long position on the BTC-USD pair, executed on the Hyperliquid exchange.
This broad sell-off has aligned both spot and futures markets, with futures Cumulative Volume Delta (CVD) dropping by $5.7 billion and spot CVD falling by $438 million, providing further evidence of synchronized market capitulation.
| Asset/Market | Liquidations (USD) | Longs Liquidated | Shorts Liquidated |
|---|---|---|---|
| Bitcoin | $918.6 million | 95.4% | 4.6% |
| All Crypto | $1.65 billion | $1.46 billion | $183 million |
Market data from CoinGlass indicated that more than 187,000 traders were liquidated in 24 hours, with the majority being long positions totaling $1.46 billion.
Momentum indicators and technical analysis
Since November 11, Bitcoin has declined by roughly 9%. The lowest point recorded during this drop was $67,449. Traders point to the “end of the world” candle pattern on the Bitcoin chart as a sign of mounting panic, as multiple momentum indicators edge toward oversold territory.
The RSI (Relative Strength Index), a widely used momentum indicator, is approaching 30. This level is typically considered oversold, suggesting the decline could be nearing a turning point. Despite the recent losses, some technical analysts note that support may be found at the $64,000 level—the price point where Bitcoin’s previous rally began last August.
At present, Bitcoin is trading near $68,000, after swiftly breaching the psychological $70,000 threshold. The swift price drop has left little room for further decline in the short term, according to several analysis tools.
Momentum analysis shows RSI nearing the oversold zone at 30, signaling that Bitcoin may soon find a support area around $64,000.
Context: Broader market derisking
The Bitcoin slump is unfolding against a backdrop of wider derisking across technology, AI, and cryptocurrency sectors. Broad-based market anxiety has grown amid unsubstantiated rumors surrounding the departure of Jensen Huang from NVIDIA, a leading technology company known for its work in graphics processing units and artificial intelligence.
Investor sentiment has faltered as high-risk markets witness rapid capital flight. With the current downtrend, analysts point to greater caution, suggesting that a prolonged correction could be in store if current conditions persist.
Traders are now closely monitoring support levels and market signals, anticipating whether this decline will stabilize or further shocks may occur in the coming sessions.
Mini dictionary: Jensen Huang is the CEO of NVIDIA, a US-based technology company prominent for designing GPUs and AI solutions. Rumors about his status can stir volatility in both tech and crypto sectors.
