$BTC below $70,000. And this time, the round number failed to hold the market.
On November 13, Bitcoin fell below $70,000 for the first time since August. On some exchanges, the price dropped to around $68,900, while the daily decline approached 7%.
But this wasn’t just a red candle. Over 24 hours, more than $1.3 billion in positions were liquidated across the crypto market. Bitcoin accounted for about $677 million. When traders make heavy use of leverage, a price drop triggers forced selling, which pushes the market even lower.
Pressure is mounting amid expectations of tighter Fed policy, outflows from spot BTC ETFs, and a broader reduction in risk.
My take: right now, the market is testing not faith in Bitcoin, but the resilience of those who decided to trade with high leverage. And those are two very different things.
Don’t rush to call this either the bottom or the start of a crypto winter. First, let’s see whether forced selling has run its course. Subscribe to @MoonMan567 - here we break down market mechanics while others are already declaring the end of the world.
On November 13, Bitcoin fell below $70,000 for the first time since August. On some exchanges, the price dropped to around $68,900, while the daily decline approached 7%.
But this wasn’t just a red candle. Over 24 hours, more than $1.3 billion in positions were liquidated across the crypto market. Bitcoin accounted for about $677 million. When traders make heavy use of leverage, a price drop triggers forced selling, which pushes the market even lower.
Pressure is mounting amid expectations of tighter Fed policy, outflows from spot BTC ETFs, and a broader reduction in risk.
My take: right now, the market is testing not faith in Bitcoin, but the resilience of those who decided to trade with high leverage. And those are two very different things.
Don’t rush to call this either the bottom or the start of a crypto winter. First, let’s see whether forced selling has run its course. Subscribe to @MoonMan567 - here we break down market mechanics while others are already declaring the end of the world.
