Bitcoin falls below $70,000 as $870 million in bullish bets are liquidated
CoinGlass's 24-hour figures showed heavy pressure on bullish positions amid rate and NVIDIA uncertainty, while Microsoft's outage continued. Read the full story on CryptoSlateUnderstand the crypto stories that matter and what to watch next. Get The Catalyst in your inbox
Bitcoin traded below $70,000 on Nov. 13 as heavy liquidations hit traders betting on higher prices, extending the crypto selloff against a backdrop of rate pressure and uncertainty at NVIDIA.
CoinGlass recorded $869.89 million in Bitcoin long liquidations over the last 24 hours, compared with $31 million in short liquidations. Over four hours, it recorded $559 million in long liquidations and $16 million in shorts.
By about 10:52 UTC, Bitcoin was down to $69,224, with a rolling 24-hour low of $67,921.
The liquidation figures measure forced closures of Bitcoin positions tracked by the provider, a different measure from the change in Bitcoin's market capitalization.
Long positions benefit when prices rise. Their concentration in the liquidation figures is consistent with forced exits amplifying the decline as bullish bets come under pressure. The initial trigger remains unresolved, and position closures can involve different markets rather than a spot sale in every case.
The liquidation imbalance points to pressure on bullish positioning alongside the broader concerns about technology stocks and interest rates. Forced exits offer a plausible mechanism for amplifying the decline.
Related ReadingThe previous US stock session ended lower, though the broad indexes' closing losses were modest. The S&P 500 fell 0.35% to 7,592 on Nov. 12, according to LSEG data carried by the Financial Times. eOption's closing recap put the Nasdaq's decline at 0.39% and the Russell 2000's at 1.66%.