Long

Drops

Four

Bitcoin

<h2 id="b-tldr-b">TLDR:</h2>
<ul>
 <li style="font-weight: 400">At press time, Bitcoin traded at $68,106.83, down 7.31% in 24 hours and 9.93% over the past seven days.</li>
 <li style="font-weight: 400">$622M in crypto liquidations hit exchanges in four hours, including $549M from long positions alone.</li>
 <li style="font-weight: 400">Analysts flagged $68,655 as a key support level and $72,000 as the first price BTC needs to reclaim.</li>
 <li style="font-weight: 400">ETF outflows and macro uncertainty added pressure, but the data identifies no single sell-off trigger.</li>
</ul>
Bitcoin fell below $69,000 as a sharp market sell-off triggered more than $622 million in <a href="https://blockonomi.com/binance-hack-linked-to-north-koreas-lazarus-group-as-crypto-liquidations-top-1-5-billion/" rel="noopener noreferrer nofollow">crypto liquidations</a> within four hours.
CoinGecko data showed BTC trading at $68,106.83 at press time, down 7.31% over 24 hours. Its seven-day decline reached 9.93%, while daily trading volume reached $39,100,282,650.&nbsp;
Wu Blockchain cited Binance data showing BTC at $69,297, down 6.11%, after a $68,943 low and $73,866 high. The figures capture different snapshots, but both show heavy selling pressure.
<figure style="width: 100%" class="wp-caption alignnone"><img src="https://blockonomi.com/wp-content/uploads/2026/11/Screenshot-71.png" alt="" width="1184" height="658">
 <figcaption>
 BTC price on <a href="https://www.coingecko.com/en/coins/bitcoin" rel="noopener noreferrer nofollow">CoinGecko</a>
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</figure>
<h2 id="b-bitcoin-price-drop-accelerates-as-long-liquidations-mount-b">Bitcoin Price Drop Accelerates as Long Liquidations Mount</h2>
The scale of forced selling offers one explanation for Bitcoin’s rapid decline.&nbsp;
CoinGlass data cited by Wu Blockchain recorded approximately $622 million in crypto liquidations across exchanges over four hours. Long positions accounted for $549 million, while short liquidations reached $72.46 million.
That imbalance shows how heavily the market’s forced closures affected bullish traders.&nbsp;
Long positions profit when prices rise, but leveraged positions can face automatic closure when prices fall. Exchanges liquidate those positions when traders cannot maintain required margin.
<div class="embed-x">
 <blockquote class="twitter-tweet">
 Bitcoin Plunges Below $70,000 as Crypto Liquidations Hit $622 Million in Four Hours
 Bitcoin fell below $70,000 to a low of $68,943 before trading at $69,297, down 6.11% over 24 hours, according to Binance. The cryptocurrency had reached a 24-hour high of $73,866. CoinGlass data… <a href="https://t.co/HUI6VZJjCD" rel="noopener noreferrer nofollow">pic.twitter.com/HUI6VZJjCD</a>
 — Wu Blockchain (@WuBlockchain) <a href="https://x.com/WuBlockchain/status/2121085947022586095?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 13, 2026</a>
 </blockquote>
</div>
Those forced sales can add more supply to an already weakening market. Falling prices trigger liquidations, which can push prices lower and expose additional leveraged positions. This feedback loop can turn an ordinary pullback into a faster market-wide sell-off.
<a href="https://blockonomi.com/bitcoin-outlook-in-focus-as-fidelity-strategist-warns-on-ai-boom/" rel="noopener noreferrer nofollow">Bitcoin’s price action</a> also points to weakening buying pressure.&nbsp;
Market analyst That Martini Guy <a href="https://x.com/MartiniGuyYT/status/2121087632801481064?a=IPbjESkG2CtCFRLY988&amp;s=20" rel="noopener noreferrer nofollow">said</a> on X that BTC broke below $72,000 and the psychological $70,000 level. He also noted that attempted recoveries continued producing lower highs.
The analyst identified $72,000 as the first level Bitcoin needs to reclaim. Until buyers recover that area, he argued, downside risks remain elevated.
<h2 id="b-bitcoin-price-outlook-hinges-on-key-support-levels-b">Bitcoin Price Outlook Hinges on Key Support Levels</h2>
Analyst TheVictorBuilds traced Bitcoin’s decline from local highs near $76,000 on November 8. The analyst said <a href="https://coincentral.com/bitcoin-btc-price-slips-to-67500-as-nvidia-ceo-exit-and-msci-strategy-removal-weigh-on-markets/" rel="noopener noreferrer nofollow">BTC</a> then traded around $73,000 to $74,500 before falling below $71,000. He identified $68,655 as an intraday low at that point.&nbsp;
He warned a four-hour close below it could expose $66,800 to $67,200.
Those levels represent the analyst’s projected demand area, not confirmed support. He also said traders should monitor aggregate open interest and Coinbase spot premium.&nbsp;
In his view, flattening open interest and a returning spot premium would provide stronger evidence of improving demand.
<div class="embed-x">
 <blockquote class="twitter-tweet">
 <a href="https://x.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> failed below $69k
 Price bleed out from the $76,000 local highs on the 8th, chop around the $73,000-74,500 range for two days to bait in late buyers, and then completely waterfall through $71,000 straight down to a local low of $68,655 earlier today on the 13th. Right now we… <a href="https://t.co/v4Rl4Y9Zvg" rel="noopener noreferrer nofollow">https://t.co/v4Rl4Y9Zvg</a><a href="https://t.co/gZWCPqGPyg" rel="noopener noreferrer nofollow">pic.twitter.com/gZWCPqGPyg</a>
 — TheVictorBuilds (@TheVictorBuilds) <a href="https://x.com/TheVictorBuilds/status/2121100610636525891?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 13, 2026</a>
 </blockquote>
</div>
CoinMarketCap <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer">data</a> showed Bitcoin down 7.25% over 24 hours, while the broader crypto market fell 6.12%. The data did not establish one definitive trigger for the decline. Instead, it pointed to weak demand and forced selling reinforcing each other.
CoinMarketCap’s market assessment also cited <a href="https://moneycheck.com/bitcoin-btc-slips-under-77k-as-etf-outflows-hit-462m-rally-losing-steam/" rel="noopener noreferrer nofollow">ETF outflows</a> and macroeconomic uncertainty as pressures on demand. Today’s US Producer Price Index (PPI) release could add another source of volatility. However, the available data does not quantify ETF outflows or establish their direct contribution to Bitcoin’s decline.
For now, Bitcoin faces pressure after losing two closely watched price thresholds.&nbsp;
A recovery above $69,000 would help stabilize the immediate picture, while $72,000 remains the key level highlighted by the analyst. Until buyers return with stronger demand, liquidation risk and fragile sentiment could keep the market under pressure.
The post <a href="https://blockonomi.com/bitcoin-price-drops-below-69000-as-622m-in-crypto-liquidations-hit/" rel="noopener noreferrer nofollow">Bitcoin Price Drops Below $69,000 as $622M in Crypto Liquidations Hit</a> appeared first on <a href="https://blockonomi.com" rel="noopener noreferrer nofollow">Blockonomi</a>.

Bitcoin Price Drops Below $69,000 as $622M in Crypto Liquidations Hit

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