Bitcoin tumbles to three-month low as liquidations accelerate
Bitcoin has slumped about 25% since Oct 21. Its low for 2026 is US$57,742, reached on July 1.
Cryptocurrencies faced a significant downturn over the weekend, with Bitcoin tumbling to a three-month low of just above US$63,000. This marked a 5.7% drop in the US on November 14, with the digital asset continuing its decline in Asia on November 15, hitting a low of US$63,311—a 1.7% decrease and its weakest point since August 17. Ether, the second-largest token, also took a hit, falling 8% to US$1,731, its lowest since July 9.
Experts attribute this decline to technical factors, as Bitcoin broke below its 200-day moving average of around US$73,000. This drop triggered a series of liquidations and new short positions. Rich Rosenblum, co-founder of crypto market maker GSR, explained, "I think this is a technical move, as Bitcoin broke down through its 200-day moving average of about US$73,000, which has caused a slew of liquidations and new shorts to develop."
Recent weeks have seen cryptocurrencies battered by factors such as expectations of higher interest rates, large withdrawals from US spot Bitcoin exchange-traded funds, a risk-off mood fueled by concerns over AI, and the aftermath of the recent Binance hack. Since October 21, Bitcoin has lost about 25% of its value, reaching its lowest level for 2026 of US$57,742 on July 1.
Liquidation events, where over US$500 million worth of Bitcoin positions are wiped out within 24 hours, are becoming more common, as sharp market swings continuously force leveraged traders to exit their positions. On November 13, the liquidation of approximately US$1.3 billion in long crypto bets occurred over a 24-hour period, with Bitcoin positions accounting for most of this amount, according to Coinglass data.
During the 24-hour period starting at 7 AM on November 15 in Singapore, exchanges tracked by Coinglass reported about US$1.9 billion in crypto liquidations, including US$684 million in Bitcoin and US$466 million in Ether. Long positions were primarily responsible for the majority of these liquidations. Analysts suggest that Bitcoin may be nearing a technical floor, with the cryptocurrency showing support at levels at or just below this current price point for over a year.
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