Cryptocurrency markets experienced significant losses on November 13 as traders betting on higher prices were forced to liquidate positions. Over $599 million in long positions were wiped out in a 24-hour period, according to Coinglass data, as Bitcoin and Ethereum declined to their lowest levels in nearly three months.
Long positions accounted for 88% of the $680.81 million in total crypto liquidations, affecting 112,947 traders. The largest single liquidation was a $31.09 million Bitcoin long on Hyperliquid, closed at $72,250.
Bitcoin and Ethereum Lead the Decline
Bitcoin positions absorbed the majority of losses, with $325.28 million in liquidations, of which 95.3% were long bets. Ethereum followed at $106.07 million in liquidations, with 89.7% from long positions.
Bitcoin traded at $70,834, marking its lowest level since August 20, down 3.79% over 24 hours and 6.53% over the past week. Ethereum dropped 2.10% over 24 hours to $2,007.04, with a weekly loss of 10.11% that brought it to its lowest level since mid-August. The total crypto market cap declined 5.09% over 24 hours to $2.42 trillion.
Technical Support Levels Under Pressure
Bitcoin lost its 200-day moving average of $73,137 on Thursday. If the cryptocurrency fails to reclaim that level, the next support levels are positioned at $68,000 and $67,000.
Federal Reserve Data in Focus
Market participants are closely watching upcoming inflation data for signs of future monetary policy. October's Consumer Price Index rose 0.4% on the month, above the 0.23% forecast. CME FedWatch data shows traders are pricing in an 85.5% probability of a quarter-point Federal Reserve rate hike and a 14.5% chance of a half-point move, up from 0% a week prior.
The Bureau of Labor Statistics will release October's Producer Price Index on Friday at 8:30 a.m. ET. Economists surveyed by Dow Jones expect a 0.4% monthly rise, down from 1.3% in September. A stronger-than-expected reading could increase the likelihood of a larger rate hike, while a softer print may ease those expectations before the Federal Reserve meets on December 8 and 9.
