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Bitcoin has returned to an area some analysts consider attractive after its drop below 65000 dollars. However a lower valuation does not automatically create a floor. Between the withdrawal of capital and still open leveraged positions, the market could first be drawn towards 60000 dollars.

In brief

  • Bitcoin drops below 65000 dollars and returns to an area considered attractive by some analysts.
  • This drop does not guarantee an immediate rebound nor the formation of a floor.
  • A strong concentration of liquidations between 59500 and 62600 dollars threatens to accelerate the drop.
  • ETF outflows and the decline of stablecoin reserves further weaken the market.
  • A return of spot purchases will be decisive to stabilize Bitcoin and avoid a new correction.

Below 65000 dollars, Bitcoin becomes attractive again without being protected

Bitcoin fell to about 62500 dollars on November 14, its lowest level in three months. It thus lost 17% in a week, while Ether, XRP and Solana each lost nearly 22%.

Analyst James Check describes this region as a “deep value zone”. BTC had already entered it in February and at the end of June 2026, as well as during the crypto winter of 2022.

This observation is based in particular on the losses realized by recent investors, who are now selling bitcoins bought much higher.

Several data points, however, summarize the ambiguity of the situation :

  • BTC lost about 8% after Wall Street closed on Friday ;
  • The market would be going through its fourth phase of capitulation since its peak ;
  • Buyers who entered above 80000 dollars are now selling at a loss ;
  • A significant concentration of liquidations remains between 59500 and 62600 dollars ;
  • The designation of “value zone” does not confirm that the bottom has been reached.

James Check notes:

They are now selling at the very price they would have wanted to benefit from three months earlier.

They are now selling at the very price they would have wanted to benefit from three months earlier.

According to him, a gradual accumulation in these zones has historically been profitable. However, this reading remains a long-term analysis, not an immediate rebound signal.

The 60000-dollar threshold attracts the market more than it supports it

The main threat lies below the current price. Glassnode has identified the highest modeled concentration of liquidations in the last six months between 59500 and 62600 dollars. It corresponds to long positions opened during the August recovery and vulnerable since then.

When a price approaches the liquidation price of many long positions, platforms automatically close those whose collateral becomes insufficient. These sales can then push bitcoin towards the next liquidations and turn a gradual drop into a sharp move.

“The BTC price is approaching a huge cluster of liquidations”, warns Glassnode. The company estimates that this fragility could become “the accelerator of a final capitulation purge”. However, this is not a certain forecast: a liquidation map signals exposed positions but does not guarantee the market will reach for all of them.

This zone thus creates a paradox. Around 60000 dollars, bitcoin could appear even more attractive to long-term investors while becoming particularly unstable in the short term. The closer the market gets, the larger spot purchases will need to be to absorb forced sales.

Without a return of capital, the value zone can collapse

The real danger therefore does not only come from leverage. It lies in the absence of available capital to cushion its liquidation. In one month, the stablecoin supply has decreased by 17 billion dollars, reducing the immediately mobilizable reserve on crypto platforms.

US spot bitcoin ETFs simultaneously recorded net outflows of 185.4 million dollars on November 13. Withdrawals reached about 1.07 billion dollars over the week, with seven consecutive negative sessions. The market must thus absorb sales as two usual sources of demand, stablecoins and ETFs, retreat at the same time.

Liquidations had already reached 1.64 billion dollars around the drop on November 13, nearly 90% of which concerned bullish bets. Glassnode does observe accumulation among wallets holding from 100 to 10000 BTC, but small holders and the largest addresses continued to reduce their positions.

The next decisive signal therefore will not only be the defense of a round number. To turn the value zone into a true floor, bitcoin will have to attract enough spot purchases to offset ETF outflows, stabilize stablecoin reserves and absorb liquidations near 60000 dollars. Without this return of demand, the market risks passing through this attractive zone as a mere air pocket.

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Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.