62K isn’t the bottom—there’s still a whole pile of unliquidated longs below, waiting for the price to run them over 📉
On Glassnode’s November 11 liquidation heatmap, the largest cluster of long liquidations in six months is piled up between $59,500 and $62,600. These are long positions opened during the August breakout, and they haven’t been touched since the August low. On Saturday night, $BTC briefly fell to $62,006, meaning it had already stepped into the upper edge of this zone. It’s now around $64,481, having bounced back a little.
The numbers behind this drop are clear: the November 13 sell-off triggered about $1.64 billion in liquidations across the market in 24 hours, nearly 90% of them longs. Stablecoin supply shrank by about $14.2 billion over 30 days, the fastest contraction since June 2022, so there’s visibly less money on the sidelines to buy the dip. The price has also fallen below the short-term holder cost basis of around $75,600.
How this whale sees it: a liquidation zone isn’t support—it’s a fuel depot. The closer the price gets, the more likely it is to be pulled in; if it really enters the zone, a cascade of forced closures could accelerate the sell-off. On the other hand, most of the longs built up during September’s drop have already been wiped out. What remains are older positions from the August breakout, and Glassnode itself says these could fuel a final wave of capitulation selling. Just watch two levels: holding above $62,600 without making a new low would mean the brakes are on; falling below $59,500 would mean thinner liquidity below and even bigger swings. Fanfan’s staying low for now, waiting to see if anyone steps in to buy after this liquidation zone gets swept.
On Glassnode’s November 11 liquidation heatmap, the largest cluster of long liquidations in six months is piled up between $59,500 and $62,600. These are long positions opened during the August breakout, and they haven’t been touched since the August low. On Saturday night, $BTC briefly fell to $62,006, meaning it had already stepped into the upper edge of this zone. It’s now around $64,481, having bounced back a little.
The numbers behind this drop are clear: the November 13 sell-off triggered about $1.64 billion in liquidations across the market in 24 hours, nearly 90% of them longs. Stablecoin supply shrank by about $14.2 billion over 30 days, the fastest contraction since June 2022, so there’s visibly less money on the sidelines to buy the dip. The price has also fallen below the short-term holder cost basis of around $75,600.
How this whale sees it: a liquidation zone isn’t support—it’s a fuel depot. The closer the price gets, the more likely it is to be pulled in; if it really enters the zone, a cascade of forced closures could accelerate the sell-off. On the other hand, most of the longs built up during September’s drop have already been wiped out. What remains are older positions from the August breakout, and Glassnode itself says these could fuel a final wave of capitulation selling. Just watch two levels: holding above $62,600 without making a new low would mean the brakes are on; falling below $59,500 would mean thinner liquidity below and even bigger swings. Fanfan’s staying low for now, waiting to see if anyone steps in to buy after this liquidation zone gets swept.
