Bitcoin faced a sharp and unexpected setback on Sunday, tumbling nearly 5% in just a few hours and triggering a wave of liquidations across the cryptocurrency market. The decline pulled the price down to roughly $86,950, a notable reversal after what initially appeared to be a stabilizing weekend.
For most of Saturday and early Sunday, Bitcoin seemed comfortably range-bound around $91,500. Traders were closely watching to see whether the asset could break above resistance and start December with positive momentum. Instead, the market slipped into a rapid downturn, catching many off guard.
BTC dumps $4,500 in Sunday slaughter. Source: TradingView
Heavy Liquidations Add Fuel to the Drop
According to CoinGlass, more than 180,000 traders saw their positions liquidated within 24 hours. Total liquidations topped $539 million, much of it concentrated in the few hours following Bitcoin's plunge. Close to 90% of these liquidations were long positions in Bitcoin and Ether — meaning the market was forced to clear out a significant amount of overextended bullish bets.
A Rough November Ends on a Low Note
Sunday's crash capped Bitcoin's toughest month of the year. Bitcoin closed November down 17.49%, its weakest November performance since 2018. Despite the difficult close, market analyst Sykodelic pointed out that with the CME gap filled and hundreds of millions in leveraged longs flushed out, the market may actually be setting the stage for a healthier trend going forward.
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