Bitcoin below $70,000: $1.2B liquidated
Bitcoin falls below $70,000, lowest since August. Dollar strength, rate fears, Nvidia turmoil and ETF outflows trigger over $1.2B in liquidations.
Key Takeaways
- Bitcoin (BTC) falls below $70,000, its lowest level since August 19.
- According to Coinglass, roughly $1.2 to $1.3 billion in futures positions were liquidated within 24 hours.
- A strong dollar, rate-hike bets, turmoil at Nvidia and ETF outflows combine as triggers.
Bitcoin broke below the $70,000 mark on Friday morning and at times trades around $68,750. The decline is a little over 6 percent in a single day. In the derivatives market, the move wiped out hundreds of thousands of leveraged positions.
How a decline turned into a liquidation cascade
Based on Coinglass data cited by CoinDesk and crypto.news, exchanges liquidated positions worth $1.23 to $1.3 billion within 24 hours. More than 151,000 traders were affected. Bitcoin alone accounted for about $677 million, nearly $500 million of it as price dropped through the $70,000 level. As crypto.news writes, over $650 million of the BTC losses were long positions. According to CoinDesk, the largest single liquidation hit a long bet of more than $31 million on Hyperliquid.
Other coins slipped too. Ether (ETH) fell below $2,000 for the first time since August, XRP is approaching $1, and Solana (SOL) trades below $80. Versus the record of $126,198 from October 2025, Bitcoin is about 45 percent lower, per crypto.news; for the current quarter, CoinDesk puts the loss at roughly 17 percent.
Dollar, rate fears and Nvidia: pressure from several sides
The Dollar Index (DXY) sits above 103, its highest since April 2025. After a hotter-than-expected October consumer price index (CPI), traders increasingly bet on a 50-basis-point Fed rate hike in December. Higher yields make assets without ongoing income less attractive.
Tech adds to it. Nvidia confirmed CEO Jensen Huang's resignation, with CFO Colette Kress leading the company on an interim basis. The stock fell, and risk assets followed. In addition, Strategy, the largest corporate Bitcoin holder, will be removed from MSCI indexes after November 30, which may force passive funds to sell the stock but does not directly affect the company's Bitcoin holdings.
US spot Bitcoin ETFs recorded net outflows of $299.8 million on November 11, $269.7 million of it from BlackRock's IBIT. Over five trading days, outflows add up to about $1.44 billion, according to crypto.news. Geopolitics added a fresh Middle East escalation: Iran's Revolutionary Guards claim an attack on a US radar in Bahrain. Oil barely reacted at first, with WTI around $88.
Analyst Doctor Profit remains optimistic regardless, writing that one should ignore the noise. The data tells a different story for now: technically, the Chande Momentum Oscillator reads −88.5 per crypto.news, an oversold value.
What momentum says
Our momentum snapshot from this morning, taken at a BTC price of $68,756, is clear: momentum signals bearish on the 1-hour, 4-hour and 1-day timeframes. Only on the weekly view (1W) does it remain bullish. Short- and mid-term, downward pressure dominates, while the broader weekly state has not flipped yet.
Scenarios
If price holds the support zone between $68,500 and $69,000, a stabilization could emerge at first. crypto.news lists $71,000 to $71,500 as hurdles, followed by $72,727 and $74,811.
If the zone breaks to the downside, the same source points to the $65,000 level. More long positions would then likely come under pressure. This is a read on the situation, not investment advice.