Bitcoin Hits Three-Month Low at $68,617 as $500M in Longs Get Liquidated

Bitcoin tumbled to $68,617 this week, its lowest price in three months. The slide kicked off when price broke below $72,000, then picked up speed as each drop through $70,000 and $69,000 shoved more leveraged traders out of their positions.

The liquidation numbers came fast. About $175 million in positions vanished in a 30-minute window as the $69,000 level gave way, and market trackers put total liquidations above $500 million within an hour. The overwhelming majority of that carnage was longs betting on higher prices.

Fund flows piled on. US spot Bitcoin ETFs logged five straight days of net outflows from Nov 5 to Nov 11, totaling roughly $1.44 billion. BlackRock's IBIT shed $269.7 million on Nov 11 alone, marking its ninth consecutive outflow session.

Macro made the hole deeper. Hotter October inflation lifted bets on a December Fed hike and pushed the 10-year Treasury yield to 5.00%. Tech stocks stumbled, Ether and XRP fell in step with Bitcoin, and about $60 billion exited the crypto market in four hours.

Technically, the chart is a mess. Bitcoin trades near $69K, down about 3% on the day, roughly 10% on the week and about 18% over 30 days. It sits below both its 50-day average near $78K and its 200-day average around $76K, and it's about 46% under October's record of roughly $126,198. Daily RSI sits at 25 — below 30 is oversold — while MACD remains under its signal line.

The levels to watch are clear. Support sits near $63K, just under the $65,000 target, with the next floor around $59K; a daily close below that zone could spark another wave of liquidations. On the way up, resistance waits near $75K, just beneath the 200-day average, with another ceiling near $80K. Bulls need to reclaim the round number and the level where the breakdown began before the bias flips.