Bitcoin Price Falls Below $70,000 Amid $1.6 Billion in Crypto Liquidations

Key Insights

• Bitcoin price USD fell below $70,000 as crypto liquidations topped $1.6 billion in 24 hours.
• US spot Bitcoin ETFs saw $47.7 billion in net withdrawals on November 12 as Nvidia CEO Jensen Huang’s controversy continues.
• The price of Bitcoin traded near support at $67,292, where a rebound could bring the $74,937 breakdown level back into play.

Bitcoin price USD fell below $70,000 on Friday, November 13, extending a decline from $81,000 the previous week. Bitcoin touched $67,555, its lowest price since August 19. At the time of writing, Bitcoin had recovered to $69,306, still down 5.6% over 24 hours, according to data from CoinGecko.

The break below $70,000 caught traders who had borrowed to bet on a rebound. CoinGlass shows about $1.6 billion in crypto liquidations over 24 hours, with longs accounting for nearly 90%.

Selling spread beyond Bitcoin. Ethereum fell as low as $1,910, Solana slipped to $78, and the combined value of cryptocurrencies fell to about $2.4 trillion.

Bitcoin Price USD Slide Wipes Out Leveraged Long Positions

Liquidations were already mounting while the price of Bitcoin was still near $69,000. According to CoinGlass, across exchanges, the data counted $622 million in forced closures over four hours.

Longs accounted for $549 million, compared with $72.46 million in shorts. Those four hours alone accounted for more than a third of the reported daily total.

Leverage magnified the Bitcoin price USD decline for futures traders. A trader using ten dollars of exposure for each dollar of collateral can lose half that collateral on a 5% decline.

Once collateral drops below an exchange’s minimum, the exchange can close the position. Closing a long requires selling, which can push prices lower as other traders approach their own thresholds.

Meanwhile, the liquidations follow Jensen Huang resigning as Nvidia’s CEO and stepping down from its board on November 12. Nvidia appointed Chief Financial Officer Colette Kress as interim CEO. Nvidia stock also fell after his departure, trading around $166, down more than 7% today.

ETF Withdrawals Mount as the Dollar Reaches a 19-Month High

Investors had already pulled money from US spot Bitcoin funds before Friday’s slide. Data from Farside Investors showed roughly $1.4 billion in net withdrawals over five sessions through November 11. On November 11 alone, investors withdrew $299.8 million. BlackRock’s iShares Bitcoin Trust accounted for $269.7 million, about nine dollars of every ten that left the funds that day.

On November 12, Farside Investors’ figures showed another $47.7 million in net withdrawals. BlackRock and Fidelity had yet to report when that figure appeared, leaving the day’s total open to revision. Meanwhile, the Crypto Fear & Greed Index reached 20 on Friday, last registered on July 8.

Meanwhile, the US Dollar Index traded above 103, its highest level in about 19 months. Treasury yields rose after October’s inflation figures strengthened expectations of a December rate increase. Higher yields give investors a greater return on short-term government debt while Bitcoin pays no interest.

Bitcoin Price Prediction: Key Levels to Watch

Amid the ongoing crypto selloff, a recent update from Whale Factor on X shows that Bitcoin is trading above the 67,500 support zone. The chart marks $67,292 as the downside target after Bitcoin lost support near $75,000. A move into that lower range would test whether buyers can absorb the selling after the November breakdown.

Moreover, the setup shows four earlier tests of the band between $74,937 and $75,780. The upper boundary at $75,780 previously acted as resistance before buyers established support there.

In November, Bitcoin fell through the lower boundary at $74,937. That break left both levels above the market and put the $67,000 area in focus.

The projected path shows the price of Bitcoin briefly dipping below $67,292 before recovering. If buyers reclaim the support zone after that dip, a relief rally could carry Bitcoin back toward $74,937.

A sustained move above that breakdown level would bring $75,780 back into view. However, a daily close below $67,292 would weaken the rebound scenario.

This article provides cryptocurrency market information, not financial or investment advice. Prices, ETF flows, and liquidation figures can fluctuate rapidly. Technical indicators and historical price patterns do not guarantee future results.

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