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

Bitcoin BTC fell to $98,377 on November 13, according to CoinGlass data, triggering $657.88 million in liquidations over the past 24 hours. The decline ended a 189-day streak of Bitcoin closing above $100,000, which began on May 10. Long positions accounted for the majority of forced closures at $533.57 million, with shorts representing $124.31 million.

The cryptocurrency reached its third sub-$100,000 low in November, marking a 22% correction from its October 6 peak of $126,080. Ethereum ETH traded at $3,267, Solana SOL at $147.91, and XRP XRP at $2.36, all experiencing similar volatility.

Analysts attribute the drop to selling pressure from US-based entities, as indicated by a discount on Coinbase. Trader Maartunn identified the $100,000 level as a key liquidity zone.

Strategist Liz Thomas noted the divergence with gold’s performance, pointing to weakness in the US dollar.

Traders are increasingly betting on further downside, with Polymarket traders assigning a 66% probability of Bitcoin reaching $95,000 in November. Kalshi participants see a 37% chance of another S&P 500 company announcing Bitcoin purchases this year.

The recent liquidation events represent the largest forced closure day for Q4, contributing to downward pressure alongside ETF redemptions.

Disclaimer: This report aims to deliver accurate information but is not financial advice. Verify information independently and consult 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.