Key points
- Bitcoin printed $61,970.30 on Kraken, its weakest since 13 Jul, and had rebounded to near $65,076 by 04:52 UTC, up about 1.5% on the UTC day.
- The level to watch is $61,970. Above it, $65,593, the high of Sunday’s rebound, is the first ceiling; below it, July’s $61,765 daily low is the next marker.
- Bitcoin opened Monday at $74,742, so the weekly candle is down about 13% ahead of tonight’s close at 00:00 UTC.
Saturday’s floor did not hold. Sunday’s was lower, and the bounce came fast.
There was no scheduled data release and we have no verified trigger. The move came in weekend trade, after Saturday evening’s Market Read flagged $63,854 as the level to watch.
Where it stands
Kraken’s 22:00 UTC bar on Saturday dropped to $63,242.60. The 01:15 UTC bar then traded to $62,482.50, through the mid-August lows we had named, and the 01:45 bar printed $61,970.30.
The 02:00 bar opened at $62,579 and ran to $64,103. The 03:00 bar peaked at $65,593. Kraken’s 01:00 UTC hour traded about 741 bitcoin, against about 106 in the 04:00 hour. Coinbase’s 24-hour low was $61,946.17.
The last time Kraken’s daily low was at or below this level was 13 Jul, at $61,765.
Ether fell to $1,710.00 on Kraken and $1,709.48 on Coinbase, its weakest since 3 Jul. It was near $1,819 at 04:50 UTC, down about 14% from Monday’s open of $2,125.
XRP touched $0.8911 on Kraken in the 22:00 UTC bar on Saturday and $0.8922 on Coinbase. Kraken’s daily history, which begins on 25 Nov 2024, shows no lower daily low. CoinDesk and The Defiant both describe it as the lowest since November 2024. XRP was near $0.977 at 04:50 UTC, against a Monday open of $1.112.
Solana’s low was $67.37 on Kraken and Coinbase, the weakest since 26 Jun. It was near $71.13.
Who got carried out
CoinGlass’s 24-hour table, read at about 04:55 UTC, showed $746 million of bitcoin positions liquidated, $595 million of it longs. Ether’s total was $466 million, $394 million of it longs. Solana’s was $85 million and XRP’s $48 million.
The Defiant reported that CoinGlass recorded $2.05 billion across tracked exchanges, overwhelmingly longs, with Binance near $800 million. We read the per-asset table only and did not see that headline total.
In plain English, a liquidation is an exchange closing a leveraged bet once its margin runs out, and the forced selling can push the price lower still. Here is how a liquidation works.
Deribit’s DVOL index, a gauge of 30-day implied volatility for bitcoin, closed the 23:00 UTC hour at 47.3 and the 01:00 hour at 54.3. It was back at 44.1 in the 04:00 hour.
Funding is flat to negative. OKX’s bitcoin rate was near zero and ether’s about minus 0.005% per eight hours. Deribit’s bitcoin perpetual open interest was about $738 million at 04:50 UTC, near Saturday evening’s $725 million.
The backdrop
US spot bitcoin ETFs lost $1.07 billion over the week to 13 Nov, according to our ETF Desk. On Friday, the Nasdaq Composite closed down about 0.9%. The iShares bitcoin ETF, IBIT, fell about 3.5%, Coinbase about 2.3% and Strategy about 2.4%, on Yahoo Finance data.
Bitcoin began Saturday at $68,237. For how that day opened, see Saturday’s First Print.
The levels
The level to watch is $61,970. A daily close under it would put July’s $61,765 low in play.
Above, $65,593 is the rebound high. A close back over $66,000 would leave the overnight break looking like a wash-out rather than a new leg. Tonight’s weekly close at 00:00 UTC on Monday is the next test, and Asia’s Monday open the one after it.
The alternative read: DVOL has fallen about ten points in three hours and funding is flat, which looks more like a flush of leverage than fresh panic. That is a pattern, not a promise, and a weekend low can be retested.
As of 04:52 UTC, BTC is trading near $65,076 on Kraken.
This article is for information only and is not investment advice.