Bitcoin fell below $69,000 late Thursday, sliding to $67,568—its weakest price since late August—before recovering above $68,000. The decline triggered $1.6 billion in liquidations over 24 hours, affecting 185,172 traders, according to CoinGlass data.
October's consumer price index showed a 0.4% month-over-month increase, exceeding economist expectations and pushing the probability of a December Federal Reserve rate hike to approximately 85%, according to Lacie Zhang, research lead at Bitget Wallet. Rising Treasury yields and a strengthening US dollar have weakened demand for non-yielding risk assets.
Weakness in technology stocks has reinforced the broader de-risking trend. Once Bitcoin lost the $72,000-$73,000 support level, forced liquidations accelerated the decline. Long liquidations comprised approximately $1.5 billion, or 89.5% of daily liquidations, while short liquidations accounted for $170 million, or 10.5%. Binance recorded the largest share of liquidations at above 35%.
The broader market declined alongside Bitcoin. Ether fell below the $2,000 level, and total crypto market capitalization dropped close to 4% to $2.4 trillion. Among the top 100 coins by market cap, Bitway fell about 12%, Gate declined 12%, and Stacks and Midnight each lost approximately 10%.
Key support levels for Bitcoin are $68,000 (immediate), $65,000-$66,000 (secondary), and $62,000-$63,000 (potential further downside). Resistance is positioned at $72,000-$74,000.
In separate market developments, MSCI announced it will remove Strategy (formerly MicroStrategy), Metaplanet, and Yellow Cake from its global equity benchmarks effective November 30. Index-tracking funds holding these names will need to sell positions, with estimates suggesting up to $8.8 billion in potential passive outflows.
