Bitcoin traded below $70,000 on November 13, with a rolling 24-hour low of $67,921 recorded by mid-morning UTC. CoinGlass data showed $869.89 million in Bitcoin long liquidations over the preceding 24 hours, compared with $31.18 million in short liquidations.
Long positions benefit when prices rise. The imbalance in liquidations—with forced closures of bullish bets significantly outweighing shorts—is consistent with these forced exits amplifying the price decline as traders betting on higher prices faced margin calls.
Bitcoin's weakness occurred within a broader market retreat. The S&P 500 fell 0.35% to 7,592 on November 12, while the Nasdaq declined 0.39% and the Russell 2000 fell 1.66%, according to market data. Investors faced a stronger dollar and rising Treasury yields as they anticipated tighter Federal Reserve policy.
Technology sector uncertainty also weighed on sentiment. NVIDIA announced on November 12 that CEO Jensen Huang had resigned from his posts, with CFO Colette Kress assuming the role of interim CEO. The company's board accepted his resignation effective November 11.
Rate concerns predated the recent decline. In a November 10 speech, Federal Reserve Governor Christopher Waller stated he leaned toward a 25-basis-point rate increase in December, even if October inflation data improved. He noted that a core CPI reading of 0.3% or higher could warrant consideration of a 50-basis-point increase, though he characterized this as his individual policy view rather than a formal Federal Open Market Committee commitment.
Liquidation figures measure forced position closures tracked by data providers and represent a different metric than changes in Bitcoin's market capitalization. The data indicate pressure on bullish positioning, though the original trigger for the selloff remains unclear.
