Bitcoin's price dropped below $63,000, marking a significant decline and triggering market-wide sell-offs and liquidations.
On November 15, Bitcoin fell below $63,000, marking its lowest point in three months. The cryptocurrency experienced a significant sell-off, plummeting nearly 8% since the U.S. stock market closed on Friday.
The daily low reached approximately $62,100, but by the time of reporting, Bitcoin had rebounded to around $64,400.
Over the past week, Bitcoin has suffered a loss of about 17%. This downturn has negatively impacted the broader crypto market, with Ethereum, XRP, and Solana seeing declines of roughly 20%, 18%, and 21%, respectively.
The sell-off was accompanied by widespread liquidations, with Coinglass reporting a daily volume of forced closures reaching $1.95 billion, predominantly from long positions totaling around $1.67 billion.
Additionally, Bitcoin spot ETFs have experienced capital outflows, with investors withdrawing approximately $1.07 billion from November 9 to 13, culminating in outflows for each trading session that week.
Liquidation Risks and Fourth Wave of Capitulation
Prior to the latest decline, Glassnode identified a range between $59,500 and $62,600 as a zone with a high concentration of potential long position liquidations. On November 14, the firm reiterated the risk of accelerated selling.
"The price is approaching a massive liquidation cluster. Markets tend to gravitate toward spots of fragility like this, which could lead to a final capitulation flush." — glassnode (@glassnode)
This refers to long positions established after the August price surge. If the downturn leads to insufficient collateral, exchanges may begin forcibly closing these positions, further intensifying selling pressure.
On-chain analyst James Check noted that this is the fourth wave of capitulation since Bitcoin's all-time high. He observed that losses are primarily being realized by those who hesitated to buy the asset at prices between $65,000 and $69,000 over the summer, and those who entered the market above $80,000 in September fearing missed opportunities.
"Now they are selling at the very price they wanted to buy three months ago," wrote the expert.
Check emphasized that current Bitcoin valuations are historically low, similar to conditions observed in February and late June 2026, as well as during the end of the 2022 crypto winter. However, he cautioned that entering this zone does not confirm that a bottom has formed.
Furthermore, Seamus Rocca, CEO of Xapo Bank, linked Bitcoin's decline to the initial public offering of Anthropic's shares.
