• Bitcoin plunges to $67,500 as the broader crypto market loses 6.12% in 24 hours.
  • $1.65 billion in liquidations intensify selling pressure, with long traders bearing the biggest losses.
  • BTC faces critical support at $68,000 as traders await US PPI inflation data for market direction.

Bitcoin and Ethereum continued to fall during Friday’s Asian trading session, increasing concerns about further losses ahead of the U.S. Producer Price Index (PPI) inflation report.

Bitcoin has dropped below $70,000, while Ethereum has fallen close to $1,900. The decline has triggered massive losses among traders who borrowed money to bet on rising prices.

Bitcoin has lost $12,500 in nine days, hitting $67,500, its lowest price in three months. The broader crypto market also declined 6.12% within 24 hours. The big question now is whether Bitcoin will recover or prepare for another major sell-off.

$1.47 Billion in Liquidations Add to Market Pressure

The recent price decline has forced thousands of traders to close their positions after suffering significant losses.

According to CoinGlass data, $1.65 billion worth of crypto positions were liquidated within 24 hours. Long positions accounted for $1.46 billion of the total, affecting more than 186,700 traders.

The developments highlight the weakness in the crypto market. Factors contributing to market uncertainty include weaker demand, concerns about Federal Reserve interest rate decisions, and pressure across the technology sector.

PPI Report

Investors are now focused on the U.S. Producer Price Index (PPI) report, scheduled for Friday, November 13, at 8:30 a.m. Eastern Time.

The report measures changes in the prices businesses receive for their goods and services, which provides insight into inflation in the U.S. economy.

Its results will influence market expectations for Federal Reserve monetary policy and Bitcoin’s next move.

If inflation comes in higher than expected: The Federal Reserve faces greater pressure to keep interest rates elevated for longer. This would make risky investments like Bitcoin less attractive, adding further pressure to crypto prices.

If inflation comes in lower than expected: Investors would gain confidence in the possibility of easing interest rate pressure, which would encourage buying activity and support Bitcoin recovery.

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Bitcoin $68,000 Price Level Is Critical

Bitcoin is struggling to maintain support above $68,000 after losing the $72,000 and $70,000 levels.

The $72,000 level now represents a major recovery target. A move above this level would signal new buying interest and strengthen the bullish outlook.

Until then, Bitcoin’s short-term market structure remains bearish.

The growing number of losing leveraged positions also presents another threat to price stability.

According to figures reported by analyst MLM, Hyperliquid holds $1.32 billion in open Bitcoin long positions across 24,920 wallets. Their average entry price is $75,565, leaving about 95% of these positions underwater.

The estimated liquidation levels highlight the potential scale of further selling:

  • At $65,000: Approximately $228 million in long positions face liquidation.
  • At $60,000: Potential liquidations rise to $427 million.
  • At $55,000: Approximately $647 million in long positions face liquidation.

These figures highlight the risk of another liquidation cascade. A deeper Bitcoin decline would force more leveraged traders out of their positions, creating additional selling pressure and pushing prices lower.

A recovery above $70,000 would provide initial relief, while a move above $72,000 would deliver a stronger signal of recovery.

Final Thoughts

Bitcoin and Ethereum remain under intense selling pressure as billions of dollars in leveraged positions are wiped out. The upcoming U.S. PPI report is a major catalyst for the next market move, with inflation data influencing investor sentiment and expectations for Federal Reserve policy.

For now, traders are closely watching three important Bitcoin price levels:

  • $65,000: Critical support that Bitcoin needs to defend to prevent further downside.
  • $70,000: The first major recovery threshold, with a move above it offering initial relief.
  • $72,000: A breakout above it would strengthen the recovery outlook.

Ultimately, the immediate market direction hinges on whether buyers defend critical support levels or sellers trigger another wave of leveraged liquidations.

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Related: Bitcoin Price Prediction: Why BTC Is Falling Below $70,000

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