Bitcoin price crashes 5%, worst November since 2018

Bitcoin slid Sunday in a sell-off that sparked about $539 million in forced liquidations and affected more than 180,000 traders, according to CoinGlass. The drop capped November with a 17.49% loss, the steepest November decline since 2018.

Nearly 90% of liquidations hit long positions, with most tied to Bitcoin and Ether. CoinGlass data indicate the bulk occurred within hours of the downturn as prices fell across major exchanges.

The reversal followed an attempt to push through resistance over the weekend. After trading in a narrow range late last week, Bitcoin lost momentum and retreated quickly Sunday as selling picked up.

Liquidations occur when exchanges close leveraged positions that no longer meet margin requirements. Rapid declines can trigger more forced selling, adding pressure and accelerating price moves.

The slide came after Bitcoin posted its first weekly gain in four weeks amid choppy late-November trading.

“This is actually a great start to the month,” wrote the crypto analyst known as “Sykodelic,” noting that downside liquidity was cleared early and that “downside liquidity swiped first, which is what we want to happen.”

Market participants are watching whether leverage levels normalize and whether price action steadies in early December after the latest round of forced selling.

As we covered previously, U.S.-listed spot Bitcoin ETFs saw about $3.5 billion withdrawn in November, nearing the prior $3.6 billion monthly record, with BlackRock’s IBIT accounting for roughly $2.2 billion.