Crypto Liquidations Top $1 Billion as Bitcoin Tests 11-Week Low
Summary
Bitcoin fell to $74,780.91, its lowest level since August 21, and traded near $75,570. Crypto derivatives liquidations reached $1.05 billion over 24 hours, with about 88% coming from long positions; Bitcoin accounted for $267 million and Ethereum $167 million. The decline coincided with a steep technology-stock selloff, including a 5.52% drop in the Nasdaq, and rising expectations of a December Federal Reserve rate hike. The report notes that the simultaneous moves do not establish that the equity rout caused Bitcoin’s fall. Bitcoin was below its 50-day and 200-day moving averages, with immediate support near $74,780; a break could expose the $73,000–$72,500 area and then $70,000. Key resistance lies near $76,500 and $80,000.
