Crypto & Forex November 9, 2026 0 Comments

$297M Bitcoin Liquidation Looms – Is the $70K Dream About to Shatter?

Ever wonder what happens when the crypto universe decides to throw a curveball? Well, buckle up, because in the last 24 hours, Bitcoin and Ethereum together faced a staggering $789 million in liquidations—yes, you read that right, nearly eight hundred million bucks wiped out in a flash. Interestingly, most of this carnage wasn’t from short sellers; instead, it was the longs feeling the heat as BTC tumbled 3.2% and ETH nosedived a gut-wrenching 7.9% in a matter of hours. So, what triggered this sudden crypto meltdown? From the $6.3 billion Binance heist sending shockwaves through BTC’s price action to the Mercado Bitcoin breach rattling investor confidence, it’s clear that vulnerabilities in the system are no longer theoretical—they’re very real and painful. Add to that the wild swings mirrored in the S&P 500 futures and a surprising confession from Nvidia’s CEO about a “relationship” with a Chinese spy, and you’ve got a perfect storm whipping the market into frenzy. Now, the big question echoes: With Bitcoin dipping below key support levels like the 50-week moving average, is this a doorway to deeper losses—or a rare buying opportunity dressed up in bear’s clothing? Let’s dig into what these twists mean for crypto’s next move and why history might just have a few reassuring tales to tell. LEARN MORE

The crypto markets saw another wave of liquidations. In the past 24 hours, Bitcoin [BTC] and Ethereum [ETH] saw $297.17 million and $491.97 million in liquidations, respectively.

Only 7.9% and 7.8% of those liquidations were short positions, as Bitcoin fell 3.20% and Ethereum plummeted 7.90% within hours.

What triggered the crypto sell-off?

In recent weeks, the Binance heist of $6.3 billion severely affected BTC price action. The Mercado Bitcoin security incident also impacted market sentiment, and the loss of a key onchain support level was a warning of a deeper correction.

Kobeissi S&P 500 Futures — Source: The Kobeissi Letter on X

In a post on X, the Kobeissi Letter detailed how the S&P 500 Futures had erased an implied $300 billion in market cap a minute after the 6.00 PM ET open. Under ten minutes later, all losses were erased as traders bought the dip.

Nvidia’s CEO Jensen Huang had admitted to a “relationship” with a Chinese spy, which helped stage a quickly undone correction, the global capital markets commentary wrote.

What next for Bitcoin?

The fall in recent hours reached a low of $73.5k. Sentiment was already weak, and the swift liquidation cascade has likely made market participants more risk-averse.

The reaction of the S&P 500 suggested buyer strength, which could translate into strong crypto demand later, during the New York session open.

Bitcoin 50-Week Moving Average Post Bottom — Source: Alex Thorn on X

AMBCrypto reported that Bitcoin prices had fallen below the true market mean at $77.6k recently. Now, it was also trading below the 50-week Moving Average (MA).

Head of Research at Galaxy, Alex Thorn, pointed out that BTC has only slipped below its 50-week MA twice, after reclaiming it as a post-bear bottom. In neither of those times, which were in 2012 and 2019-20, did BTC descend to new weekly lows.

Bitcoin 1-week Chart — Source: BTC/USDT on TradingView

The weekly structure was bullish, following the close above $82,850. The weekly low in question is at $57.8k, which Thorn pointed out was not at risk, based on the historical 50-week MA loss following a recovery from a bear market.

At the time of writing, the momentum was bearish, and a price drop below $70k was feasible. The $65k-$66k area would represent a deep discount opportunity for buyers. In the coming days, more losses appeared likely.

Final Summary

The stock market sell-off and the subsequent recovery of the S&P 500 futures losses helped explain the sudden volatility in the crypto markets.
Though the momentum was now bearish, a price drop to new lows below $57,800 appeared unlikely, based on historical data.