Bitcoin fell below 72,000 dollars on Bitstamp on Thursday 12 November, after exceeding 76,000 dollars earlier in the week. The drop set off a cascade of forced liquidations. Coinglass data show 656 million dollars of positions were liquidated over 24 hours, most of them long positions.
Long liquidations totalled 555 million dollars, while short liquidations came to a little over 100 million. More than 122,000 traders had a position closed out. The largest single liquidation was a long bitcoin position of 31 million dollars on Hyperliquid. Binance accounted for 37 percent of liquidation activity.
Possible triggers
The record identifies several possible triggers but confirms none of them. US bitcoin ETFs recorded net outflows of 1.44 billion dollars over five days. US October inflation came in stronger than expected, feeding bets on tighter Federal Reserve policy. Weakness in technology stocks and news involving Nvidia’s Jensen Huang also weighed on sentiment.
Strategy’s planned exit from MSCI indices on 30 November was another factor cited. Stablecoin supply is contracting, and Coinbase premium indicators suggest US buying appetite is weakening.
Levels to watch
Bitcoin traded at 71,888 dollars on Bitstamp after the shock. Technical resistance lies in the 75,600 to 75,700 dollar zone, which the price would need to regain. On Monday 9 November, liquidations had already topped one billion dollars.
Related: Bitcoin falls below 75,000 dollars as over 1 billion liquidated · Bitcoin dips below 80,000 dollars as Fed holds and Alphabet misses
Source: Coinglass
