Bitcoin's $68K Support Faces A Major Liquidity Test

Bitcoin fell below 69000 dollars after a new wave of liquidations, while Ether broke the 2000 dollar mark. However, the main danger no longer comes only from leverage. ETFs are emptying and the supply of stablecoins is decreasing, depriving the market of the necessary capital to absorb sales.

In Brief

The fall below 69000 dollars takes out long positions

On November 12, Bitcoin had already reached a three-month low at 71317 dollars, against 1983 dollars for Ether. The total crypto market capitalization then fell from 2940 billion dollars in early October to 2390 billion, representing a destruction of about 550 billion dollars.

The decline accelerated overnight. BTC dropped below 69000 dollars on November 13, bringing liquidations to about 1.41 billion dollars in twenty-four hours. Several figures illustrate the scale of deleveraging :