Bitcoin fell below $70,000 for the first time since August after a $1.65 billion liquidation wave. Long positions made up most of the forced closures, and momentum indicators point toward oversold territory.
Bitcoin has fallen below $70,000 for the first time since August after a $1.65 billion liquidation wave. According to U.Today, the chart printed an "end of the world" candle.
Since November 11, Bitcoin has lost roughly 9% of its value, with the lowest point at $67,449. The price now trades around $68,000.
Liquidations hit long positions hardest
U.Today says the sell-off was fueled by futures CVD falling by $5.7 billion, while spot CVD fell $438 million. Spot and futures markets moved in sync.
According to CoinGlass data, 187,171 traders were liquidated across exchanges over the past 24 hours. Long positions accounted for $1.46 billion, compared with $183 million in short liquidations.
Bitcoin saw the largest liquidations, at $918.6 million in total, with longs making up 95.4% of it. The largest single liquidation was a $31 million long on BTC-USD on Hyperliquid.
Momentum indicators near oversold levels
U.Today notes that the price invalidated the $70,000 level, and RSI is approaching 30, close to the oversold zone. The outlet sees not much room for further decline based on multiple momentum indicators.
The closest support is the $64,000 level, where the August rally started. CoinGape separately reports that the fear and greed index stands at 19, indicating extreme fear.
Tech sell-off adds pressure
The downturn comes amid derisking across tech, AI and crypto markets. According to CoinGape, Nvidia announced Jensen Huang's departure on Thursday. Colette Kress will serve as interim CEO.
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