$BTC is trading around 68,900 USDT on Binance this morning, down about 6.6% in 24 hours. The 24-hour low so far is 68,528. That is the lowest price since 19 August, and it puts Bitcoin about 21% below its 21 September high of 87,396.
Most headlines will call this a flush. The positioning data says something different: a lot of traders who were long before the drop are still long now. Some of them added.
**What pushed it**
The trigger was macro, not crypto. The US dollar index traded above 103 this week, its highest level since April 2025, according to Reuters. Two-year Treasury yields rose 34 basis points over two sessions, the sharpest two-day move in three and a half years. Fed officials have warned that inflation is still too high, and some have signalled openness to a 50 basis point hike. CME FedWatch put the chance of a half-point hike in December at about 14.5%, up from zero a week ago.
A strong dollar and rising yields usually hurt assets that pay no yield. Bloomberg noted that Bitcoin fell even as Asian stocks advanced, which tells you this is a rates trade, not general panic.
There are crypto-specific weights too. Investing.com pointed to MSCI's decision to drop Strategy and similar Bitcoin treasury companies from its indexes from 30 November. That doesn't force anyone to sell Bitcoin, but it makes it harder for the biggest corporate buyer to raise new money.
**The part most people miss: open interest**
On Binance BTCUSDT perpetuals, open interest in dollar terms fell from about $7.39B on 11 November to about $6.97B this morning. That looks like deleveraging.
Measured in BTC, it isn't. Open interest rose from about 100,226 BTC to about 101,100 BTC over the same window. The dollar figure dropped because the price dropped, not because positions closed. Overall, the market is carrying slightly more Bitcoin exposure into a lower price.
Liquidations did happen. CoinDesk, citing Coinglass, reported more than $1.3B of crypto futures liquidated over 24 hours, with about $677M of it in Bitcoin, and nearly $500M around the break of 70,000. Binance News reported four traders losing $42M of long positions on Hyperliquid in a single hour. But the liquidated longs were replaced, not just removed.
**Who is on the other side**
Binance's long/short account ratio for BTC perps shows 74.8% of accounts net long at 09:30 IST, up from 73.0% 24 hours earlier. ETH is at 78.6% and SOL at 77.8%.
The account ratio counts accounts, not size, so it mostly reflects smaller traders. It says retail is buying the dip with leverage. That works when a bounce comes quickly. When it doesn't, crowded longs become fuel for the next leg down.
Funding hasn't turned negative either. The latest BTC funding print was 0.0100% and ETH's was 0.0095%, close to the 0.01% baseline. Funding usually goes negative at real capitulation lows. We are not seeing that yet.
**Levels that matter**
FXStreet's daily chart work flags 70,505 as the support that just gave way, 67,292 as the next level below, and 62,345 after that. On the upside, 75,545 is the first real barrier, with the 50- and 200-day EMAs near 76,900 and 78,300 close to forming a death cross.
My weekly-open data from Binance shows Bitcoin opening lower every Monday since 5 October: 86,530, then 83,773, 82,116, 80,154, 78,354 and 74,851. A close below that last level on Sunday would make it six straight red weeks.
**Three scenarios for the next few days**
1. **Squeeze up.** If price reclaims 70,500 quickly, late sellers get caught and a move back toward 72,000–75,000 is possible. This needs the dollar to cool.
2. **Grind.** Chop between 67,300 and 70,500 while the long ratio slowly bleeds lower. Probably the healthiest outcome for the medium term.
3. **Long squeeze.** A clean break of 67,292 with the long ratio still near 75% is the setup for a fast liquidation cascade toward the low 60,000s.
**What I'm watching**
- OI in BTC terms. A real reset is when that number falls, not the dollar number.
- The long account ratio dropping toward 60–65%.
- Funding going negative for several prints in a row.
- DXY and the two-year yield. If they keep rising, crypto bounces will be sold.
Bitcoin has been here before. Drops driven by rates tend to last longer than drops driven by crypto news, because the cause sits outside the market. Size positions for that, and use stops.
Data: Binance public API (spot, USD-M futures open interest, funding and long/short ratio), 13 Nov 2026, ~09:30–10:00 IST. News: Reuters, CoinDesk, Bloomberg, Investing.com, FXStreet, Binance News.
Not financial advice.