Bitcoin Slips Under $69,000 as $622M in Liquidations Crush Longs

Bitcoin broke below $69,000 on Friday as forced selling ripped through leveraged traders. CoinGecko showed BTC at $68,106.83 at press time, down 7.31% over 24 hours, with a seven-day slide of 9.93%. Daily volume hit $39,100,282,650.

The wreckage was concentrated on the bullish side. CoinGlass data cited by Wu Blockchain put total crypto liquidations at about $622 million across exchanges in a four-hour window. Long positions accounted for $549 million of that, while short liquidations reached $72.46 million.

Wu Blockchain's snapshot of Binance showed BTC at $69,297, down 6.11%, after touching a low of $68,943 against a 24-hour high of $73,866. The two price reads come from different moments, but both point the same direction: heavy selling pressure.

Analyst That Martini Guy flagged on X that BTC had lost both $72,000 and the psychological $70,000 line, with each attempted bounce printing a lower high. He named $72,000 as the first level Bitcoin needs to reclaim, saying downside risk stays elevated until buyers take it back. TheVictorBuilds traced the move from local highs near $76,000 on November 8, through two days of chop in the $73,000 to $74,500 range, then a waterfall through $71,000 to an intraday low of $68,655. He warned a four-hour close below that level could expose $66,800 to $67,200, and said traders should watch aggregate open interest and the Coinbase spot premium for signs of real demand.

CoinMarketCap logged Bitcoin down 7.25% over 24 hours while the wider crypto market fell 6.12%. Its market assessment pointed to weak demand and forced selling reinforcing each other rather than a single trigger, and also cited ETF outflows and macroeconomic uncertainty as drags. The data did not quantify those outflows or pin them directly to the drop. Today's US Producer Price Index release could add fresh volatility.