CryptoSlate
Bitcoin traded below $70,000 on Nov. 13 as a violent round of liquidations hit traders betting on higher prices, extending the broader crypto selloff. CoinGlass recorded $869.89 million in BTC long liquidations over 24 hours, against just $31 million in shorts, and $559 million of those long closures landed within a single four-hour window. The rolling 24-hour low touched $67,921, with Bitcoin at $69,224 by about 10:52 UTC.
Why it matters
The lopsided ratio is the signature of a long squeeze: falling prices force leveraged bullish positions to unwind, and those forced closures add sell pressure that deepens the decline. The original trigger remains unresolved, but the backdrop is clearly risk-off. The S&P 500 fell 0.35% to 7,592 on Nov. 12, the dollar strengthened and Treasury yields rose as investors priced tighter Federal Reserve policy. Fed Governor Christopher Waller said on Nov. 10 that he leaned toward a 25-basis-point December increase even if October inflation improved, adding that a core CPI reading around 0.3% or higher could warrant considering 50 basis points.
Technology uncertainty compounded the pressure. NVIDIA announced on Nov. 12 that Jensen Huang resigned as president, CEO and director, with CFO Colette Kress stepping in as interim CEO. Microsoft was also still restoring affected services on Friday. No direct link ties the outage to Bitcoin's decline, but the risk-off mentality around global technological uncertainty is clearly weighing on the broader market.
Market impact
With roughly $870 million in bullish bets forcibly closed, the leverage that fueled the prior run is now unwinding, and the liquidation figures measure forced position closures rather than a change in Bitcoin's market capitalization. Closures can also span different markets rather than a spot sale in every case. NVIDIA's results remain scheduled for Nov. 17, giving investors the next checkpoint on the tech outlook under interim leadership.
Frequently asked questions
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What is a long squeeze and how did it amplify Bitcoin's drop below $70,000?
A long squeeze occurs when falling prices force leveraged bullish positions to close, and those forced closures add sell pressure that pushes prices down further. CoinGlass recorded $869.89 million in Bitcoin long liquidations over 24 hours versus $31 million in shorts.
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How far did Bitcoin fall on Nov. 13?
Bitcoin traded below $70,000 on Nov. 13, hitting a rolling 24-hour low of $67,921 and standing at $69,224 by about 10:52 UTC.
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Why are Fed rate expectations weighing on Bitcoin?
Fed Governor Christopher Waller said on Nov. 10 he leaned toward a 25-basis-point December increase even if October inflation improved, and that a core CPI reading around 0.3% or higher could warrant considering 50 basis points. Traders read tighter policy as a headwind for risk assets.
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What happened at NVIDIA and why does it matter for crypto?
NVIDIA announced on Nov. 12 that Jensen Huang resigned as president, CEO and director, with CFO Colette Kress becoming interim CEO. The leadership change adds to technology-sector uncertainty that forms part of the risk-off backdrop weighing on Bitcoin.
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Do the liquidation figures equal Bitcoin actually sold on spot markets?
No. The figures measure forced closures of leveraged Bitcoin positions tracked by CoinGlass, a different measure from the change in Bitcoin's market capitalization, and closures can occur across different markets rather than as a spot sale in every case.
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