Bitcoin Slides Toward $71K as Crypto Liquidations Top $500M to $1.08B
Bitcoin fell toward $71,000 as crypto derivatives liquidations passed $500 million, according to CoinGlass data cited by CryptoPotato. Crypto.news reported a separate 24-hour window in which Bitcoin dropped below $76,000 and total liquidations reached $1.08 billion, with longs making up most of the losses.
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The Selloff and Its Price Levels
Bitcoin fell toward $71,000 after failing to hold the weekend rally that had lifted it to about $74,000, according to CryptoPotato. The asset dropped roughly 3% on the day and touched an intraday low near $71,300. Crypto.news reported a different price window: Bitcoin fell 5.8% over 24 hours to $75,954 per CoinGecko, after an earlier recovery above $80,000. The two outlets were measuring different moves, so the figures are not directly comparable.
Liquidation Totals Differ by Source
The two reports disagree on the scale of forced closures. CryptoPotato, citing CoinGlass, said total liquidations surpassed $500 million over 24 hours, with $135 million occurring in the final hour. Crypto.news, also citing CoinGlass, put the 24-hour total at $1.08 billion across 210,326 traders. The gap likely reflects different snapshot times within a fast-moving session, though neither outlet explained the discrepancy.
Both reports agree on the composition. Long positions dominated the wipeout. Crypto.news said longs made up $954.38 million, or 88.2% of the total, against $127.30 million in shorts. It also reported that $896.18 million was liquidated in the final four hours. Bitcoin and Ethereum were the leading assets by liquidation volume. Bitcoin accounted for $280.65 million, with 89.4% of those positions on the long side, while Ethereum recorded $174.86 million, 82% of it bullish. Binance accounted for 46.7% of the reported total, and the largest single liquidation was a $10.94 million ETHUSDT long on that exchange.
Broader Market and Equities
The decline extended beyond crypto. Crypto.news reported that the total crypto market capitalization fell 4.6% to about $2.66 trillion, with Ethereum down 7.5% to $2,251 and Solana down 7.9% to $89.16. The same session saw the Nasdaq Composite fall 4.7% and the S&P 500 lose 3.5%. Crypto-linked equities fell harder: Coinbase dropped 10.56%, Strategy 10.12%, and Circle 11.92%. Mining and data center names including IREN and Cipher Digital lost more than 15% each. Spot gold, by contrast, rose about 0.9% to $4,095.49 an ounce as the dollar weakened and Treasury yields eased.
Technical Levels and Flows
Crypto.news cited a daily chart placing the lower Bollinger Band at $76,059, near the week's $75,736 low, with the 20-day moving average at $80,139 and resistance between $81,000 and $82,000. CryptoPotato characterized the market as entering a more defensive phase, warning that a deeper break below the $71,000 area could intensify selling. Spot Bitcoin ETFs had returned to net inflows of $74.6 million on Nov. 4 after three sessions of withdrawals, though Fidelity's FBTC and BlackRock's IBIT moved in opposite directions that day, with FBTC taking in $236.7 million and IBIT recording $201.2 million in outflows. Those flows predate the Thursday selloff, and the reports do not show how ETF activity changed afterward.
Why It Matters
For Traders
Heavy long liquidations near $71,000 to $76,000 mean the $71,000 area is a key level to watch, since a break below could trigger further forced selling.
For Investors
Repeated failures to reclaim resistance near $80,000 to $82,000 suggest weakening momentum, and ETF flows have turned volatile.
For Builders
Derivatives venues saw concentrated long liquidations on Binance, so risk engines and liquidation logic will face stress testing in similar drawdowns.
This article is for information only and is not financial advice. Read the full disclaimer.
