Bitcoin fell below $72,000 on Nov. 12, extending a multiweek slide. Bullish leveraged positions bore most of the liquidations, though data providers report different totals.
Bitcoin fell below $72,000 on Thursday, Nov. 12, extending a multiweek slide as leveraged bullish bets took most of the forced closures in tracked derivatives markets.
Coinbase's BTC-USD feed recorded an intraday low of $71,500 in the one-minute candle starting at 9:44 a.m. ET. That candle closed at about $71,535, down 2.8% from the same minute a day earlier.
Long positions absorb the liquidations
Coinalyze's dashboard showed $368 million in liquidations over 24 hours in a Thursday morning snapshot. Long positions accounted for $300.2 million of that total, against $67.8 million for shorts.
Coinglass reports a larger figure. Its 24-hour data at 9:33 a.m. Eastern time showed over $656 million in liquidations, including over $555 million in longs. The largest single event was a $31.09 million BTC-USD long position on Hyperliquid, reportedly closed at around $72,250.
Crypto Briefing counted a narrower burst: exchanges forcibly closed $125 million in long positions over 20 minutes as Bitcoin slid under $72,000.
Hot CPI print triggered long liquidations on Nov. 10
On November 10, $570 million in long positions were liquidated after a US Consumer Price Index release came in hotter than expected, according to Crypto Briefing.
Leverage has not left the market, either. Total Bitcoin futures open interest stayed above $50 billion even as the liquidation waves rolled through.
Traders watch $72,500 and $75,600
Bitcoin.com names ETF withdrawals and broader risk aversion as possible contributors to the selling. Recovering the $75,600 to $75,700 region could improve the technical picture, but that level offers no guarantee of renewed demand.
Below the market, liquidation heatmaps have shown clusters of long liquidations just below $72,500, with estimated exposure over $1 billion. Sustained trading under the $72,000 to $73,000 range could pull price into those clusters, Crypto Briefing says.
Sources: The Defiant, Bitcoin News, Crypto Briefing
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