Bitcoin experienced a significant decline, breaking below the $70,000 level as liquidations rippled through crypto markets. The sharp move, described as an "end of the world" candle on technical charts, came amid $1.65 billion in liquidations across exchanges over 24 hours.
According to data from CoinGlass, 187,171 traders were liquidated during the period. Long positions accounted for $1.46 billion of the total liquidations, while short liquidations totaled $183 million. Bitcoin itself saw the largest liquidations at $918.6 million, with long positions comprising 95.4% of that figure. The largest single liquidation was a $31 million long position on BTC-USD on Hyperliquid.
The selloff was fueled by synchronized movement across futures and spot markets. Futures cumulative volume delta fell $5.7 billion while spot market CVD declined $438 million, indicating sustained selling pressure across trading venues.
Bitcoin has lost roughly 9% of its value since November 11, with the lowest point at $67,449. The current price around $68,000 marks the first time Bitcoin has traded below $70,000 since August. Technical indicators show momentum weakening, with the relative strength index approaching the oversold zone at 30.
The broader crypto downturn coincides with wide derisking across technology, artificial intelligence, and cryptocurrency markets more generally.
