Crypto markets suffered $1.23 billion in liquidations over 24 hours, nearly double the prior day's total, as the overall market cap fell 5.75% to $2.33 trillion. Long positions accounted for $1.02 billion of the losses, representing 82.7% of all liquidations across 163,631 traders.
Bitcoin slipped below $68,000 to test its 200-week simple moving average near $67,922. Bitcoin positions alone generated $637.24 million in liquidations, with longs representing 90.8% of that total. The price fell 3.70% over 24 hours to $67,623. A weekly close below the 200-week average on Sunday could expose holders to a deeper test, with the first support range between $66,000 and $67,000. If that fails, the next level sits at $62,300.
Ethereum liquidations hit $256.52 million, with 76.3% from long bets. ETH fell 3.37% to $1,903.78 and now trades below the $1,920.51 Fibonacci support level, according to analyst More Crypto Online. The next support sits at $1,832.78.
About $1 billion of total liquidations hit during the first 12 hours, with $233.07 million over the next 12 hours and $41.01 million over the past four. The largest single order was a $17.81 million Ethereum short on Binance, closed at $1,979.21.
Two upcoming events could shape the next direction for both majors: MSCI will drop MicroStrategy, the largest corporate Bitcoin holder, from its benchmark indexes on November 30, and the Federal Reserve will announce its rate decision on December 9.