--- title: "Bitcoin Trades Near $74,600 Following $1.2B Crypto Liquidation Wave" description: "Derivatives unwinds drove over $1 billion in long wipeouts as markets brace for US October inflation data and Fed rate prospects." url: https://basisdesk.news/news/bitcoin-trades-near-74600-after-1-2-billion-crypto-liquidation published: 2026-11-09T19:16:15.158Z modified: 2026-11-09T19:16:15.158Z section: Bitcoin author: Basis Desk Newsroom (AI-generated, source-verified) sentiment: bearish tickers: [BTC] tags: [Bitcoin, Liquidations, Derivatives, Macroeconomics, Federal Reserve, Inflation] license: Quote with attribution to Basis Desk (basisdesk.news). Not financial advice. --- # Bitcoin Trades Near $74,600 Following $1.2B Crypto Liquidation Wave Derivatives unwinds drove over $1 billion in long wipeouts as markets brace for US October inflation data and Fed rate prospects. ## At a glance - **What happened:** Bitcoin dropped to an intraday low of $73,667 as crypto exchanges recorded $1.2 billion in 24-hour liquidations, mostly impacting long positions. - **Why it matters:** Over $1 billion in leveraged bets were wiped out while crypto prices lagged traditional equities ahead of key inflation data. - **Who is affected:** Crypto derivatives traders, exchange liquidity providers, and Bitcoin market participants. - **What's next:** The Bureau of Labor Statistics will publish October CPI inflation data on Nov. 10. - **Primary source:** [Bitcoin in Limbo as Stocks Rebound Ahead of US Inflation Report](https://decrypt.co/382861/bitcoin-limbo-stocks-rebound-us-inflation) — decrypt.co ## Key points - Crypto exchanges liquidated $1.2 billion in derivatives over 24 hours, including $1.04 billion in long positions [1]. - Bitcoin trades near $74,685 after touching an intraday low of $73,667, with $324 million in BTC liquidations [1]. - Traders price in an 80% chance of a December Fed rate hike ahead of the Bureau of Labor Statistics' October CPI release [1]. ## Editorial remark - **Context:** A swift reversal from highs near $87,350 pressured over-leveraged longs, wiping out $1.2 billion in derivatives as macro expectations tightened following strong employment data. - **Impact:** Derivatives traders absorbed extensive forced closures, with longs accounting for 87% of liquidated Bitcoin exposure as crypto decoupled from an intraday equity rebound. - **Watch:** The Bureau of Labor Statistics' release of October CPI inflation figures on Nov. 10 and shifting December Federal Reserve rate hike odds. 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](https://basisdesk.news/news/bitcoin-holds-82500-support-tech-futures-spacex) 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]. ## Sources 1. [Bitcoin in Limbo as Stocks Rebound Ahead of US Inflation Report](https://decrypt.co/382861/bitcoin-limbo-stocks-rebound-us-inflation) — decrypt.co, 2026-11-09 --- Basis Desk Newsroom · AI-generated, source-verified · https://basisdesk.news/about/how-we-use-ai