Bitcoin crashes below $100K as $448m in leveraged longs get liquidated

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.

Source: Coinglass

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.

Source: TradingView

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.