Bitcoin Crashes to $67,568 as $1.4B in Liquidations Fuel Extreme Fear
Bitcoin news: BTC tumbled to $67,568 as leveraged long positions faced a massive liquidation wave. The Crypto Fear & Greed Index has fallen into Extreme Fear, but historical data suggests further downside may follow, with Bitcoin declining after 15 of 16 previous similar readings.
Bitcoin extended its losses on Friday, November 13, hitting $67,568 on Binance as forced selling accelerated across the market. The drop pushed BTC to its lowest price since August 19, intensifying concerns about a prolonged correction.
Bitcoin is trading at $68,772, reflecting a 6.7% decline over the past 24 hours and a 9.1% weekly loss. Ethereum dropped 5.5%, while Solana slipped 3.4% during the same period.
The latest downturn was fueled primarily by leveraged liquidations. Exchanges automatically close positions when traders lack sufficient collateral to cover losses. CoinGlass data cited by multiple outlets showed approximately $1.4 billion in liquidations over 24 hours, with nearly 90% involving long positions. The selling pressure pushed Bitcoin below $70,000 in approximately two hours overnight.
Market sentiment has deteriorated alongside the price decline. The Crypto Fear & Greed Index dropped from 28 to 20 on Friday, marking its first Extreme Fear reading since July.
The central question for Bitcoin traders is whether the latest wave of fear signals an approaching market bottom or leaves room for another significant decline. Daily and weekly technical indicators are now attracting increased attention.
Bitcoin Liquidation Wave: Long Positions Suffer 11 Times Greater Losses
Bitcoin’s sell-off began Thursday afternoon following reports that Nvidia CEO Jensen Huang had resigned. The decline accelerated after midnight UTC as BTC broke below Tuesday’s $72,727 low and continued falling.
An examination of liquidations across Bitcoin, Ethereum, Solana, XRP and Dogecoin futures on OKX over the preceding 24 hours revealed a sharp imbalance between bullish and bearish traders.
- Long traders suffered $125.5 million in liquidations.
- Short traders recorded $11.2 million in losses, meaning bullish positions experienced approximately 11 times more liquidations.
- Bitcoin accounted for $76.7 million in liquidated long positions, concentrated in two major events. The first occurred at 14:00 UTC on Thursday after the Nvidia announcement, while the second took place at 03:00 UTC on Friday as BTC fell below $69,000.
- Ethereum followed Bitcoin with $33.6 million in liquidated long positions, representing the second-largest loss.
Persistent withdrawals from U.S. spot Bitcoin ETFs have added another source of selling pressure. These funds hold Bitcoin directly, and continued redemptions have contributed to the cryptocurrency’s weakening price momentum.
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Bitcoin Futures Data Reveals Two Potential Market Bottom Signals
On Thursday, three indicators were identified as potential signs of a Bitcoin bottom: the Fear & Greed Index moving into the teens, funding rates turning negative and open interest declining as leveraged traders close positions. Overnight activity triggered two of these conditions.
Funding rates turn negative: The funding rate, which helps maintain alignment between perpetual futures and spot prices, fell to -0.0064% on OKX at 08:00 UTC. Short traders are now paying long traders, marking the first negative reading since November 7.
Open interest contracts: The total value of outstanding Bitcoin futures contracts on OKX declined from $3.86 billion late Thursday to $3.46 billion. The 10% decrease within a few hours suggests a significant reduction in leveraged market exposure.
Fear reaches 20: The index has moved closer to the teens, although it remains above the extreme readings of 9 and 11 recorded during Bitcoin’s February and July lows this year.
However, one indicator continues to suggest that bullish positioning remains elevated. OKX data shows 3.19 accounts holding long positions for every account with a short position, a ratio similar to the level before the crash. This indicates that traders are still attempting to capitalize on the dip through leveraged buying.
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Bitcoin Historical Data Suggests Extreme Fear May Precede Further Declines
Extreme Fear is often viewed as a potential buying opportunity, but historical market behavior indicates that the sentiment indicator frequently turns bearish before Bitcoin reaches its final bottom.
An analysis covering 16 instances since 2018 examined periods when the index first reached 20 or below after remaining above that level for at least a month. Bitcoin’s performance was tracked over the following 90 days.
The findings revealed that Bitcoin continued declining in 15 of the 16 cases. The median additional drawdown was 23.2%, while the eventual price bottom arrived after a median of 44 days.
Only three instances produced a bottom within seven days: August 2018, March 2020 and September 2021.
After 90 days, Bitcoin was trading higher in seven of the 16 cases, with the median return standing at -4.4%.
The latest historical example offers a similar warning. Extreme Fear first appeared on June 3 when Bitcoin traded at $64,014. BTC subsequently declined another 8.5%, reaching $57,800 on July 1. The cryptocurrency later recovered and climbed to $87,396 in September.
For investors following Bitcoin news, the current sentiment reading may indicate that the market is moving closer to a bottom. However, historical patterns do not confirm an immediate reversal. A decline toward previous 2026 lows would remain consistent with the median historical trajectory.
Bitcoin Price Analysis: Daily Chart Identifies Critical Levels
Bitcoin’s daily chart shows BTC trading substantially below its major exponential moving averages (EMAs), which assign greater weight to recent price movements.
The 50-day EMA currently stands at $78,226, while the 200-day EMA is positioned at $76,325.
Resistance levels:
- $72,727: Tuesday’s previous low, which could now limit recovery attempts.
- $76,325: The 200-day EMA, representing a major resistance barrier.
Support levels:
- $67,568: Friday’s intraday low and the nearest price support.
- $64,166: The double-bottom level formed on August 7 and August 19.
- $62,535: The August 14 low, which could become relevant if BTC extends its decline.
Bitcoin Weekly Chart Tests the 200-Week EMA That Defined 2026 Bottoms
Bitcoin’s weekly chart is approaching a crucial technical threshold at the 200-week EMA, currently positioned at $69,555. BTC is trading slightly below this level as traders await Sunday’s weekly close.
This moving average has played a significant role in Bitcoin’s market structure throughout 2026. The cryptocurrency closed below the 200-week EMA for 16 weeks during February and March, as well as from June through mid-August. Both major market bottoms this year developed during those periods.
Resistance levels:
- $69,555: The 200-week EMA, which Bitcoin must reclaim to strengthen its recovery outlook.
- $78,053: The 50-week EMA, representing the next significant resistance level.
Support levels:
- $65,000: The March low.
- $60,000: The February low.
- $57,800: The July bottom.
The latest overnight sell-off has triggered several conditions often associated with market bottom formations. Reduced leverage and negative funding rates suggest that speculative positions are being flushed out of the market.
For traders monitoring Bitcoin news, the Sunday weekly close relative to $69,555 will be a critical test. Historical sentiment patterns indicate that Bitcoin’s final low may emerge several weeks after the first Extreme Fear reading, leaving the possibility of additional downside before a sustained recovery begins.
