Bitcoin falls below $69k - $1.47 billion in crypto positions liquidated.
Bitcoin breaks below $69,000 as November sell-off accelerates.
BTC fell to about $68,400, its lowest level since August 20, after falling about 7% over 24 hours.
The move sparked about $1.47 billion in crypto liquidations across the market, with about $1.31 billion coming from leveraged long positions.
This means that traders who bet on higher prices took the vast majority of the damage.
The sell-off is driven by several simultaneous pressures: continued exits of Bitcoin ETFs, expectations of tighter federal policy and renewed weakness in risk assets.
Bitcoin has now dropped sharply from the $80,000 area and breached several technical levels that buyers were protecting.
Important: The market is now entering an area where leverage is being removed very quickly.
This can make the downside more violent in the short term, but it also removes positions that can boost future selling.
The next great psychological level is obvious.
$70,000 has already been broken.
Now Bulls have to get him back.
Until that happens, the sellers remain in control.