Bitcoin crashes below $100K as $448m in leveraged longs get liquidated
Bitcoin broke through the critical $100,000 support level on Thursday, plunging to $97,031 and unleashing a liquidation cascade that wiped out $448.48 million in leveraged long positions.
Key Takeaways
How far has Bitcoin fallen from recent highs?
Bitcoin dropped to $97,031 on 14 November, breaking below the critical $100,000 level and marking a 23% decline from its October all-time high of $126,000.
What’s the damage from liquidations?
The breakdown triggered $448.48 million in long liquidations across major exchanges.
Bitcoin shattered the psychologically critical $100,000 support level on Friday, plunging to $97,031 and triggering a bloodbath in leveraged positions that wiped out nearly half a billion dollars in long bets.
The flagship cryptocurrency tumbled 2.59% on the day, extending a brutal decline that started from October’s all-time high of $126,000.
Bitcoin now trades at levels last seen in early May 2025, erasing five months of gains in just over a month.
Bitcoin liquidation carnage
Leverage traders paid the price as $448.48 million in long positions got liquidated across major exchanges, according to Coinglass data.
Hyperliquid bore the brunt with $177.098 million in long liquidations, while Bybit recorded $134.365 million, and Binance saw $20.92 million evaporate.
The lopsided liquidation data, with longs outnumbering shorts twelve-to-one, reveals how one-sided positioning had become.
Traders betting on continuation to new highs found themselves trapped as support levels crumbled.
OKX, Gate.io, HTX, and smaller exchanges all reported significant long liquidations, painting a picture of systemic overleveraging across the crypto derivatives market.
Technical breakdown
The chart shows Bitcoin breaking below its 20-day moving average near $106,000. The breakdown accelerated once $100,000 gave way, with no significant support visible until the $94,000-$95,000 zone.
Volume spiked during the selloff, confirming genuine distribution rather than a liquidity grab. The speed suggests forced selling from margin calls.
What’s next?
Despite the selloff, Bitcoin remains up 14-16% year-to-date, having started 2025 at around $102,000 before reaching $126,000 in October.
The critical question is whether it’s a healthy reset or a deeper correction? The $94,000-$95,000 zone represents major support.
A hold keeps bulls alive. A break risks another liquidation cascade targeting the high $80,000s.
