The cryptocurrency market experienced a significant downturn over the past 24 hours, resulting in $1.23 billion in forced liquidations—nearly double the previous day's total. The broader crypto market cap fell 5.75% to $2.33 trillion, with long positions comprising 82.7% of liquidated bets, according to Coinglass data.
More than 163,000 traders were liquidated during the period, up from 112,947 the day prior. Approximately $1 billion of liquidations occurred in the first 12 hours, with activity easing to $233.07 million over the following 12 hours and $41.01 million in the most recent four-hour window.
Bitcoin and Ethereum Lead Losses
Bitcoin (BTC) accounted for $637.24 million of total liquidations, with 90.8% coming from long positions—nearly double the $325.28 million in Bitcoin liquidations recorded the previous day. Bitcoin slipped below $68,000 and is currently testing its 200-week simple moving average near $67,922, trading at $67,623 with a 24-hour decline of 3.70%.
Ethereum (ETH) followed with $256.52 million in liquidations, where 76.3% stemmed from long positions. ETH fell 3.37% to $1,903.78, trading below the Fibonacci support level of $1,920.51.
The largest single liquidation was a $17.81 million Ethereum short position on Binance, closed at $1,979.21.
Technical Levels and Market Outlook
For Bitcoin, the primary support floor below the 200-week average sits between $66,000 and $67,000, a range that has previously blocked recoveries. Should this level fail, the next support lies at $62,300, which buyers defended twice in 2024. The nearest resistance on rebounds sits at $75,000.
For Ethereum, support levels are positioned at $1,832.78 below the current Fibonacci resistance. Long positions have absorbed the majority of liquidations over two consecutive days, leaving bullish traders heavily exposed heading into upcoming market catalysts, including the Federal Reserve's rate decision on December 9.
