Bitcoin plunges below $70,000 as liquidations reach $622M

The drop sent Bitcoin to an intraday low of $68,943 on November 13, 2026. It later steadied around $69,297, leaving it down 6% over 24 hours. For a market that was trading above $76,000 earlier in the same week, that is a rough few days.

The slide unfolded

On November 12, Bitcoin was changing hands at approximately $70,796, already down 4.31% over the prior 24 hours. The decline then accelerated as Bitcoin broke below the $70,000 level, triggering liquidation intensity maps to flag long positions below this threshold as especially exposed.

Once price reached that zone, those positions started getting closed out in bulk. These automatic closures mean selling into a falling market, which pushes prices lower and triggers the next batch of liquidations—a chain reaction that played out fully in a four-hour window.

Who got caught

This was overwhelmingly a bad day for the bulls. CoinGlass data showed $549 million in long liquidations against $72.46 million in shorts. More than 110,000 traders were affected across the related 24-hour timeframe.

Why the selling snowballed

The research behind this move points to deleveraging rather than any shift in Bitcoin's underlying fundamentals. Risk-off sentiment was weighing on markets, and spot Bitcoin ETFs had seen outflows totaling around $2 billion over three weeks.

What this means

The first question is whether ETF outflows continue. Around $2 billion leaving over three weeks signals hesitation among mainstream investors who drove much of the recent demand. Ethereum and Solana holders should also watch how those assets behave relative to Bitcoin, as liquidations of around $120 million and approximately $23 million respectively show the deleveraging spread well beyond one asset.