Bitcoin Slides Below $87K, Triggering $194M in Liquidations as Market Liquidity Thins
Bitcoin’s decline below $87,000 sparked a sharp shakeout across derivatives markets, wiping out $194 million in leveraged positions within 24 hours—most of them long bets. The move exposed how fragile market liquidity had become after several weeks of declining activity, culminating in one of Bitcoin’s weakest volume periods in months.
The majority of the $194 million in liquidations came from over-leveraged long positions, reflecting a market that leaned too heavily toward continued upside. As the price broke below key intraday support, forced liquidations amplified the selling pressure, creating a cascading effect across major futures platforms.
Order Book Liquidity Hits a Low while ETF Outflows Break Momentum
Spot market conditions offered little support. Weekly BTC trading volume fell to a five-month low of $59.9 billion, reflecting thin liquidity and limited willingness from buyers to absorb sell pressure. Thin order books can exaggerate downward moves because even moderate selling volumes travel further down the price ladder when bids are shallow.
This combination—reduced liquidity and high leverage—created the conditions for an outsized reaction to what would otherwise be routine volatility.
The correction was further compounded by weakness in institutional flows. U.S. spot Bitcoin ETFs recorded $151 million in net outflows on November 24, 2025. It signals reduced institutional demand, which tends to influence broader market psychology.
Source: coinglass
Technical Outlook: 200-Day EMA Becomes the Line to Watch
Bitcoin is now approaching a major long-term trend marker. The 200-day EMA at $84,200 is the immediate level traders are watching. Holding above it would preserve the broader bullish structure and reduce the likelihood of another retest of November’s $80,600 low.
A decisive break below the 200-day EMA, however, could open the door to a deeper retracement, particularly with liquidity still thin and leverage resetting across futures markets.
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BTC Price Outlook
The latest pullback shows a market recalibrating after a period of overconfidence:
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Excessive long leverage created vulnerability
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Open interest dropped as traders de-risked
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Order books remained thin, magnifying volatility
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ETF flows shifted from supportive to negative
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A key long-term technical level now sits directly below the price
Whether Bitcoin stabilizes now depends largely on liquidity returning, ETF flows normalizing, and the 200-day EMA holding as support.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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