Bitcoin Falls to $73,761: Over $1 Billion in Liquidations in 24 Hours

Bitcoin touched 73,761 dollars on Sunday evening before rising towards 74,850 dollars this Monday, November 9 shortly before 6 a.m. More than $1 billion in leveraged positions jumped in 24 hours. The calm of Sunday afternoon, when the price still held 75,700 dollars, will not have lasted the evening.

The overnight low is the price's lowest level since August, according to CoinDesk.

Leveraged buyers lost $913 million.

The Fear & Greed index scores 28 out of 100.

US inflation for October falls on Tuesday at 2:30 p.m.

Bitcoin at $73,761, the film of the night

Everything is decided at the end of the day on Sunday in New York. Marco Rubio says negotiations with Iran have stalled. The same evening, Nvidia's board announced an independent investigation into its boss Jensen Huang. The stock exchanges are closed and cryptocurrencies are cashing in on their own. CoinDesk puts the low at around $73,761, a level Bitcoin hasn't seen since August. The rebound above $75,000 then failed to hold.

CoinLore was at $74,850 at 5:54 a.m. Monday, down 1.3% in 24 hours and 4.2% over seven days. The total market capitalization is close to $2.49 trillion and Bitcoin accounts for 60% of it. Ether, on the other hand, suffered more with a decline of 4.3% over the day, towards $2,138.

A billion dollars in liquidations on Bitcoin and Ether, the bulls toast

A liquidation is the forced closure of a position taken with borrowed money when the price goes in the wrong direction. CoinGlass data cited by CoinDesk counts more than $1 billion in 24 hours, including $913 million in bullish bets. Most of it was gone in six hours. Detail that counts: Ether accounts for 448 million dollars of these losses compared to 272 million for Bitcoin, and the largest order liquidated (48 million dollars) was also in Ether.

Do you feel like you've read this number before? It's normal. A billion dollars of bullish positions had already been erased at the end of last week.

The feeling follows. The Fear & Greed index (a barometer from 0 to 100 of market sentiment) is at 28, in the fear zone, after 25 the day before and 34 a week ago.

Bitcoin price levels to watch this week

Two moving averages frame the price according to CoinDesk. The 200-day average moves towards $73,150 and serves as support, that is, the floor where buyers are expected to return. Conversely, that at 100 days offers resistance around $77,430. Sunday's wick stopped $600 above the floor.

Spot Bitcoin ETFs don't help. They lost 1.282 billion dollars between November 2 and 6 according to a count relayed by Wu Blockchain, including 1.209 billion for BlackRock's IBIT alone.

However, stocks are digesting the shock better: futures contracts on the Nasdaq 100 gained 0.7% on Sunday evening and Tokyo gained more than 3% on Monday morning.