Bitcoin Nears $59,500-$62,600 Liquidation Zone as Glassnode Flags Long-Position Risk

Glassnode identified $59,500-$62,600 as Bitcoin’s largest modeled liquidation zone, which has not been reached since the August low, according to a six-month heatmap. According to Odaily, Glassnode said Bitcoin is approaching the zone and that long positions opened during the August breakout could face further liquidations after sustained selling. As of November 14, Bitcoin was trading at $63,602, down 6.90% in 24 hours, 14.81% over a week and 21.45% over a month. U.S. spot Bitcoin ETFs recorded $185.4 million in net outflows on November 13, including $143.5 million from BlackRock and $41.9 million from Fidelity. From November 9 to 13, U.S. spot Bitcoin ETFs saw about $1.07 billion in cumulative net outflows, extending the outflow streak to seven consecutive trading days. CME FedWatch data showed that on November 14, markets assigned an 88.5% probability to a 25-basis-point Federal Reserve rate hike and an 11.5% probability to a 50-basis-point hike. The Fed’s policy meeting is scheduled for December 8-9.