Bitcoin Slides Below $68K as Liquidations Hit $1.6B
Bitcoin (BTC) fell below $68,000, hitting $67,500 at 1:54 a.m. EST on Nov. 12, marking a near three-month low as crypto liquidations swelled to $1.6 billion. The drop extended month-to-date losses to more than 13% after slipping under $74,000 on Nov. 11, amid broader market jitters.
Bitcoin (BTC) slid below $68,000 on Friday, touching an intraday low of $67,500 at 1:54 a.m. EST on Nov. 12, as industry-wide liquidations climbed to $1.6 billion. The move pushed the cryptocurrency to a near three-month low and extended month-to-date losses to more than 13%.
The drawdown continued a sell-off that began Wednesday and intensified through Friday trading. By its trough, BTC had fallen nearly 9% from levels seen after it slipped below $74,000 on Nov. 11, underscoring the speed of the reversal. Broader risk sentiment remained fragile amid fallout from former Nvidia CEO Jensen Huang’s ouster, which kept financial markets on edge.
Why did Bitcoin drop below $68,000?
Risk appetite deteriorated as fallout from former Nvidia CEO Jensen Huang’s ouster rattled broader markets, coinciding with renewed crypto selling. That backdrop accelerated a downturn already in motion since Wednesday, sending BTC to $67,500 overnight and pushing liquidations to $1.6 billion, as leveraged positions unwound across major venues.
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Price data showed a decisive break under the $68,000 level before finding tentative support near $67,500, its lowest mark in nearly three months. The move extended November losses beyond 11% and, at the session low, drove month-to-date declines above 13%. The sell-off gathered pace after BTC slipped under $74,000 on Nov. 11, compounding pressure on leveraged traders.
How severe were the losses and liquidations?
The slide to $67,500 left Bitcoin down nearly 9% from levels after breaching $74,000 on Nov. 11, and more than 13% lower for November at the intraday low. Industry liquidations surpassed $1.6 billion for the second time in recent days, highlighting the scale of deleveraging as positions were forced out during the drop.
BTC’s decline to a near three-month low underscored how quickly momentum flipped following the mid-November peak attempts. The break below $68,000 occurred at 1:54 a.m. EST on Nov. 12, during thin liquidity hours, amplifying the move. By late morning, prices steadied near the $68,000 handle, but the market remained sensitive to additional forced selling.
Metric
Value
Date/Time
Intraday low
$67,500
Nov. 12, 1:54 a.m. EST
Key level breached
$68,000
Nov. 12
Recent high threshold
$74,000
Nov. 11
Month-to-date loss
More than 13%
As of intraday low
Crypto liquidations
$1.6 billion
Recent days
What should Bitcoin investors watch next?
Stability around the $68,000 area and whether forced liquidations continue will determine near-term direction. If liquidation pressures ebb and BTC holds above $67,500, downside momentum could cool; renewed deleveraging, by contrast, risks another sweep of lows given the month’s more than 13% drawdown and the nearly 9% slide since breaching $74,000 on Nov. 11.
Traders are also gauging whether broader risk sentiment steadies after market jitters tied to leadership turmoil at a major chipmaker. In the interim, liquidity conditions around key levels remain critical, with the near three-month low serving as a reference point for support and for assessing any rebound strength.
With November’s declines already exceeding 11% and touching more than 13% at the trough, positioning into the weekend may hinge on the pace of any additional liquidations and whether spot bids return near the $68,000 mark.
This article is for informational purposes only and does not constitute financial, investment, or trading advice. Cryptocurrency markets are highly volatile and carry significant risk. Always conduct your own research (DYOR) and consult a qualified financial advisor before making investment decisions. Past performance does not guarantee future results.
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