Bitcoin Trades Near $74,600 Following $1.2B Crypto Liquidation Wave

Cryptocurrency markets weathered a heavy derivatives unwind on Nov. 9, with Bitcoin stabilizing near $74,685 after dipping to an intraday low of $73,667 ¹. The move followed a sharp wave of forced closures across crypto exchanges that erased $1.2 billion in positions over a 24-hour period, according to data from CoinGlass ¹. The wipeout predominantly affected bullish leverage, with roughly $1.04 billion in liquidated long positions across all assets, including $324 million in $BTC trades alone ¹.

The market pressure comes amid broader macroeconomic adjustments ahead of key economic data ¹. The Bureau of Labor Statistics is scheduled to publish the October consumer price index report on Nov. 10 ¹. Recent labor market strength has led market participants to price in an estimated 80% probability of a 25-basis-point interest rate increase by the Federal Reserve at its December meeting ¹. Traditional equities diverged from digital assets during the morning, with the S&P 500 rising 1.9% and the Nasdaq Composite advancing 2.2% alongside a 4.3% drop in Brent crude oil prices to roughly $94 per barrel ¹. At the time of writing, $BTC changed hands around $74,516, down 1.7% over 24 hours.

Technical Indicators and Market Structure

Bitcoin's weekly technical metrics highlight narrowing bands following its decline from recent peaks above $87,350 ¹. The asset has retreated to levels last registered in August, trading under its 50-week exponential moving average near $78,250 while holding above its 200-week exponential moving average situated around $69,790 ¹. The narrowing spread between the two indicators increases technical scrutiny on longer-term trend stability ¹. Earlier market moves previously saw Bitcoin hold key support levels before leverage unwinds resumed ¹.

Momentum metrics show the weekly Relative Strength Index at 47.8, reflecting a moderate lean toward sellers without crossing into oversold conditions ¹. Meanwhile, the Average Directional Index stood at 21.9, below the benchmark threshold of 25 that typically signals an established directional trend ¹. Derivatives open interest and spot trading activity remain centered on the $74,400 zone, where buyers briefly stepped in during the session ¹.