Bitcoin slips to $74.5K as crypto liquidations blow past $1 billion

Bitcoin traded near $74,500, down about 2% over 24 hours, after sellers swatted away a weekend rebound. The coin had slid to roughly $73,761 late Sunday before buyers hauled it back above $75,000 — a recovery that didn't hold. Ethereum dipped below $2,100 during Sunday's session before climbing back above $2,130, per crypto.news price data.

The damage was heaviest in leveraged markets. CoinGlass data cited during the sell-off showed more than $1 billion in crypto positions closed over 24 hours, with longs — the trades that win when prices rise — accounting for about $931 million. Ethereum took around $455 million of liquidations versus roughly $278 million for Bitcoin, and the single largest forced close was an ETH position worth about $48 million.

Institutions weren't buying the dip either. Farside Investors data shows U.S. spot Bitcoin ETFs posted nearly $1.28 billion in net outflows between November 2 and November 6, with BlackRock's iShares Bitcoin Trust alone bleeding about $1.21 billion. Friday added $411.9 million in net withdrawals, including $403 million from IBIT, though Fidelity's FBTC pulled in $42.8 million. A Wednesday inflow of $74.6 million was erased Thursday, when $430.2 million walked out the door.

Geopolitics piled on. Traders chewed over stalled Washington–Tehran negotiations, with U.S. Secretary of State Marco Rubio calling Iranian demands “outrageous” and saying talks had barely moved. The standoff keeps oil prices and inflation risk in play as shipping and energy export disruptions stay unresolved.

Next up: the October U.S. Consumer Price Index, due November 10 at 8:30 a.m. Eastern Time from the Bureau of Labor Statistics. Technically, momentum is limp — the daily Relative Strength Index sat at 34.56, under its 39.03 moving average and creeping toward the oversold line of 30, while the MACD printed -1,733.10 against a -1,336.35 signal line.

Analyst Ali Martinez noted Bitcoin held its 200-day simple moving average through the drop, a setup he says could tee up a rebound. More Crypto Online flagged the 50-week moving average as resistance, with another ceiling near $78,186 and downside support between $71,252 and $67,868 if the correction stretches. Near-term, traders are watching resistance around $75,600 and the swing low at $73,692.