Bitcoin Drops To $98K, $658M In Liquidations

Bitcoin’s price fell to $98,377 on November 13, triggering $657.88 million in liquidations over the past 24 hours, according to CoinGlass data. Long positions accounted for $533.57 million of the liquidations, while shorts represented $124.31 million. The drop ended Bitcoin’s 189-day streak of closing above $100,000, which began on May 8.

US-based selling pressure through Coinbase contributed to the decline, as noted by analyst Satoshi Stacker. The drop also marks a 22% correction from Bitcoin’s October 6 peak of $126,080. Ethereum traded at $3,267, Solana at $147.91, and XRP at $2.36 on November 13, reflecting broader market volatility.

Trader Maartunn identified the $100,000 level as a key liquidity zone, while strategist Liz Thomas observed a divergence in performance compared to gold.

Polymarket traders currently assign a 66% probability of Bitcoin reaching $95,000 in November. Kalshi participants have assigned 37% odds to another S&P 500 company announcing Bitcoin purchases this year.

ETF redemptions and liquidation events have contributed to the downward pressure. The liquidations represent the largest forced closure event of Q4.

This article is for informational purposes only and not financial advice. Always verify information and consult with a professional before making investment decisions.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.