Bitcoin Falls Below $70,000 as 4 Whales Get Liquidated

The short version

Bitcoin falls below $70,000 for the first time since August 20, touching $68,943 on Binance early on November 13.
Four whale wallets were liquidated for $143.89 million combined, about 1,488 BTC of it, Lookonchain reported.
Next: US producer prices for October at 13:30 UTC (8:30 a.m. in Washington), the last big inflation print before the Fed’s December 9 decision.

$68,943. That’s where the slide stopped on Binance early Friday, as Bitcoin falls below $70,000 for the first time since August 20. Not the Friday the 13th anyone was hoping for.

BTC trades at $69,225 at the time of writing, down 6.1% in 24 hours and 17.1% over 30 days. The rest of the market went with it. Ethereum slipped back under $2,000 to $1,961, Solana sits at $79.15 and XRP is clinging to $1.0100.

What changed overnight, in short:

Bitcoin closed Thursday at $71,460, its first daily close below $73,000 since August 19.
Four whale wallets were liquidated for $143.89 million combined, according to Lookonchain.
The Fear & Greed Index dropped to 20, Extreme Fear, from 28 a day earlier.

So who got caught? And how much does $70,000 really matter with US inflation data due in a few hours?

Lookonchain called it “liquidation day” and listed the four wallets:

Who Got Liquidated?

Four traders, each with more than $10 million on the line. A liquidation is the exchange closing a leveraged position by force once the trader’s collateral can no longer cover the loss.

The biggest hit was wallet 0x6046, which had 536.89 BTC ($38.77 million) and 12,742 ETH ($25.2 million) closed out. Wallet 0x01e2 followed with 511 BTC ($36.4 million), then 0x5f91 with 357.09 BTC ($25.15 million). The fourth, 0x4a20, lost 112,176 SOL ($9 million) and 82.66 BTC.

Mostly Bitcoin, then. Add it up and it comes to about 1,488 BTC.

SIDE TRAIL: Is Bitcoin in a Bear Market? CryptoQuant Draws the Line at $73,000 as Its Bull Score Hits 0

Whale liquidations of this size feed on themselves, because every forced sale pushes the price a little lower and can trip the next leveraged trader’s liquidation price on the way down. The selling didn’t start overnight, either. Spot Bitcoin ETFs lost $299.8 million on Wednesday, their fifth red day in a row.

Bitcoin Falls Below $70,000 With the 200-Day Line Overhead

The level that broke first was $73,000. The 200-day moving average, which tracks Bitcoin’s mean close over the past 200 days, sits at $73,097, and CryptoQuant flagged that same area on Tuesday as the line between a correction and a bear market.

Its test had two steps. First a sustained break below $73,000, then a failed attempt to win it back from below. Thursday’s close ticked the first box.

Now the bounce. If Bitcoin climbs back but stalls under $73,000, that’s the second step done; a daily close back above it would cancel the signal.

For now, price is chopping around $69,106, the 61.8% Fibonacci retracement of the run from $57,800 on July 1 to $87,396 on September 21. Below that, the next support on the daily chart is $62,535, the August 14 low.

The next push could come from macro. US producer prices for October land at 13:30 UTC (8:30 a.m. in Washington), the last big inflation print before the Fed’s December 9 decision.

TRAIL MAP: PPI Report Friday: The Last Big Inflation Input Before the Fed’s December Hike Call

Bitcoin falls below $70,000 with $73,097 now the ceiling. Win that back on a daily close and the bear-market argument loses its best evidence.

Written by

TANG

TANG has been trading crypto since 2017. The focus is technicals, DeFi and onchain data. On the chart, that means high-timeframe support, moving averages and momentum divergences. Onchain, it means regular checkups on where the data puts the cycle. TANG once ran CryptoJungle, a free community for researching and trading together, and brings that same spirit to Base Camp as one of its co-founders.

Who Got Liquidated?

Bitcoin Falls Below $70,000 With the 200-Day Line Overhead

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