Bitcoin Drops Below $100K, Wiping Out $448 Million in Leveraged Longs
The cryptocurrency market experienced an intense shake-up as Bitcoin plunged below the critical $100,000 support level, settling at $97,031. This dramatic drop resulted in $448.48 million worth of leveraged long positions being liquidated across major crypto exchanges. The breakdown marks a significant point in Bitcoin’s volatile journey, erasing five months of gains and leaving traders regrouping.
The Market Impact: What the Data Shows
On November 14, Bitcoin tumbled approximately 2.59% in a single day following a larger trend that saw the cryptocurrency lose 23% from its October all-time high of $126,000. Trading volume spiked sharply during this extensive selloff, signaling widespread liquidation events.
According to data from Coinglass, $448.48 million in long positions were closed across exchanges, with Hyperliquid taking the largest hit at $177.098 million. Bybit followed with $134.365 million in liquidations, while Binance reported $20.92 million in losses. Other exchanges such as OKX and Gate.io also experienced notable liquidation activities.
One-Sided Bets: The Risk of Overleveraging
The selloff has exposed a systemic issue of overleveraging within the crypto derivatives market. The skewed liquidation ratios, where longs outnumber shorts by a ratio of twelve-to-one, demonstrate how lopsided trading positions had become. Price movement accelerated as Bitcoin broke its 20-day moving average near $106,000, with the lack of immediate support levels triggering forced margin calls.
TradingView data highlights the next significant support zone for Bitcoin in the $94,000–$95,000 range. A bounce at these levels could indicate a market reset rather than a prolonged downtrend. However, failure to hold this crucial support risks further declines into the $80,000 range.
Is This a Market Correction or a Sign of Trouble?
Despite this sharp selloff, Bitcoin remains up by 14-16% year-to-date, having started 2025 at approximately $102,000. For some, this event serves as a healthy market correction that could pave the way for stronger recovery opportunities. However, the real test lies in Bitcoin’s ability to stabilize in the $94,000-$95,000 range and avoid a deeper selloff.
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Conclusion
Bitcoin breaking below $100,000 has unsettled the cryptocurrency space, creating a valuable lesson about the dangers of overleveraging. As the market recalibrates, traders should proceed with caution and focus on sound risk management strategies. Will Bitcoin’s key support levels hold, or is there further trouble ahead? Only time will tell.
