Key takeaways
- Bitcoin briefly breaks below $68,000 as selling accelerates
- Crypto liquidations approach $1.5 billion amid leveraged losses
- BTC faces $65,000 downside risk unless buyers reclaim $70,000
Bitcoin fell below $68,000 on November 13, extending its sharp November correction as leveraged liquidations approached $1.5 billion and institutional demand remained under pressure.
BTC touched approximately $67,568 during early trading before recovering toward $68,000-$69,000. The move followed Thursday's breakdown below $72,000, turning the previously important $70,000 level into a potential resistance zone.
According to CoinGlass liquidation data, approximately $1.47 billion in cryptocurrency positions were liquidated over 24 hours, including around $1.31 billion in leveraged longs. The figures highlight how forced selling has amplified the broader market downturn.
Bitcoin Liquidations Approach $1.5B as ETF Outflows Continue
Bitcoin's latest decline has triggered another wave of forced position closures as traders using leverage struggle to maintain bullish bets.
Approximately $798 million in crypto positions was liquidated over one four-hour period, with long positions accounting for $718.5 million.
The selling follows earlier warnings about Bitcoin futures exposure, when outstanding positions exceeded $50 billion and liquidation risks increased around $72,000.
Institutional demand has also weakened. According to Farside Investors, spot Bitcoin ETFs recorded $299.8 million in net outflows on November 11, followed by a preliminary $47.7 million withdrawal on November 12.
Across the six trading sessions from November 5–12, reported withdrawals total approximately $1.49 billion.
The latest selling extends an earlier weekly ETF exodus, which had already undermined Bitcoin's recovery prospects before the current liquidation wave.
Fed Rate Hike Fears Add Pressure to Bitcoin
The cryptocurrency selloff has coincided with worsening sentiment across US technology stocks and growing expectations of tighter Federal Reserve policy.
October's hotter-than-expected inflation report strengthened expectations of another interest-rate increase, while Treasury yields above 5% increased the appeal of dollar-denominated assets.
Higher borrowing costs can reduce demand for speculative investments, adding pressure to Bitcoin during periods of falling liquidity.
Meanwhile, Strategy's removal from MSCI indexes has added uncertainty around corporate Bitcoin treasury companies. The expected index-related selling concerns Strategy shares rather than mandatory sales of its underlying BTC holdings.
The combination of institutional withdrawals, leveraged liquidations and macroeconomic pressure helps explain why Bitcoin has failed to sustain recent recovery attempts.
Bitcoin Price Prediction: Is $65,000 the Next Target?
Bitcoin's immediate technical outlook remains fragile following the loss of $70,000 support.
The $67,500–$68,000 region is the first area to monitor. A sustained breakdown beneath the recent intraday low could expose $66,000, followed by the psychologically significant $65,000 level.
Further weakness could eventually bring $62,500–$63,000 into focus, although such a move would require additional selling pressure rather than simply the continuation of current market conditions.
Conversely, a recovery above $70,000 would be an initial stabilization signal. Buyers would then need to reclaim $72,000–$73,000 before challenging the previous resistance near $75,000.
The broader outlook has deteriorated from the earlier $76,000 resistance test, suggesting that buyers must establish a stronger support base before expecting a sustained rebound.
