A broad crypto market decline triggered $1.23 billion in forced liquidations over the past 24 hours, nearly twice the previous day’s total, as leveraged bullish bets took the brunt of the damage. According to the source data, long positions accounted for $1.02 billion, or 82.7%, of all liquidations while the total crypto market capitalization fell 5.75% to $2.33 trillion.

The pressure was concentrated in the early part of the move. Roughly $1 billion of the liquidations occurred in the first 12 hours, before the pace slowed to $233.07 million over the following 12 hours and $41.01 million in the last four hours covered by the report.

Long traders took most of the losses

In total, 163,631 traders were liquidated, up from 112,947 a day earlier. The figures point to a market that had been positioned for higher prices and was caught off guard by the sell-off.

Bitcoin-related positions made up the largest share of the wipeout. Liquidations tied to Bitcoin reached $637.24 million, and 90.8% of that came from long positions. Ethereum followed with $256.52 million in liquidations, with 76.3% also linked to bullish bets.

The largest single liquidation order reported in the period was an Ethereum short worth $17.81 million on Binance, closed at $1,979.21. Even so, the overall pattern remained heavily tilted toward losses on long exposure across the market.

Bitcoin slips below $68,000

Bitcoin traded around $67,623 during the downturn after falling below $68,000 and testing its 200-week simple moving average near $67,922. The source article described that level as an important line for the market, with a weekly close below it potentially opening the way to a deeper retest.

If the current area fails to hold, the first support zone below the 200-week average is placed between $66,000 and $67,000. A break under that range could leave Bitcoin exposed to a move toward $62,300, according to the levels cited in the report. On the upside, $75,000 was identified as the first major hurdle if the asset rebounds.

Ethereum also moved lower

Ethereum fell to about $1,903.78 and traded below $1,920 during the slide. The next support level highlighted in the report sits near $1,832.

The move in Ethereum mirrored the broader risk-off tone across digital assets, though the liquidation totals show Bitcoin remained the main source of losses in dollar terms. Combined, the two largest cryptocurrencies accounted for the majority of the forced unwinds recorded over the day.

Weekly close and late-November events in focus

Beyond the immediate price move, the source points to Sunday’s weekly close as a key near-term marker, especially for Bitcoin’s position around its 200-week average. Whether the market closes above or below that level could help shape the next leg of trading.

Two later dates were also identified as potential catalysts: MSCI’s planned removal of Strategy, described as the largest corporate Bitcoin holder, from benchmarks on November 30, and the Federal Reserve’s rate decision on December 9. After two straight days in which long positions absorbed most of the liquidations, bullish traders remain the side most exposed to further volatility around those events.

Source: beincrypto.com