Bitcoin fell to $73,708 on November 8, 2026, reaching its lowest reported price since August as widespread liquidations intensified selling pressure across cryptocurrency markets.
The decline pushed Bitcoin below the psychologically important $74,000 level, reversing its brief recovery above $80,000 earlier in the week. According to CoinGlass data cited by BeInCrypto, approximately $855.69 million in leveraged cryptocurrency positions were liquidated over 24 hours.
More than 140,000 traders were affected, with long positions accounting for approximately 90.2% of the liquidated value. Ethereum also declined sharply, with some exchanges reporting prices near $2,100 during the selloff. The downturn followed several weeks of weakening market sentiment, substantial withdrawals from US spot Bitcoin exchange-traded funds and uncertainty surrounding cryptocurrency regulation after the US midterm elections. Bitcoin subsequently recovered above $74,000, although the rebound did not erase the broader decline.
Leveraged Long Positions Drive Nearly $856 Million in Liquidations
The latest market decline was amplified by forced closures of leveraged trading positions. When cryptocurrency prices fall below specified margin requirements, exchanges automatically liquidate positions to prevent further losses. These forced sales can accelerate downward price movements, particularly when large numbers of traders hold similar leveraged positions.
The November 8 liquidation wave was overwhelmingly concentrated among traders betting on higher cryptocurrency prices. With long positions representing approximately 90.2% of liquidations, the selloff demonstrated how crowded bullish positioning can amplify market volatility.
Bitcoin also fell below an important short-term investor cost-basis level estimated by Glassnode at approximately $75,700. The threshold represents the average acquisition price of coins held by recent market participants and is frequently monitored as an indicator of investor profitability.
Trading below that level can increase pressure on holders already facing unrealized losses. Some analysts identified $70,000 as a potential downside level if Bitcoin fails to recover previously established support. However, such technical levels represent market scenarios rather than guaranteed price targets.
ETF Withdrawals and Regulatory Concerns Add to Selling Pressure
Institutional demand has also weakened during the recent downturn. US spot Bitcoin ETFs recorded approximately $1.28 billion in net outflows during the trading week ending November 6, according to market data cited in industry reports.
The withdrawals suggest that selling pressure extended beyond leveraged cryptocurrency derivatives into regulated investment products. Bitcoin’s decline also followed the November 3 US midterm elections, which increased uncertainty surrounding the future direction of American cryptocurrency legislation.
Market participants have been assessing whether changes in congressional control could complicate efforts to advance digital asset market structure legislation. A separate source of concern has been the recent series of reported cryptocurrency security incidents, which have weighed on investor confidence. However, no single political or security development can be established as the sole cause of the selloff.
Broader financial market conditions, including interest rate expectations and investor appetite for risk, also influence cryptocurrency prices. The combination of institutional withdrawals and leveraged liquidations has created a difficult environment for short-term market stabilization.
For Bitcoin, the immediate focus is whether buyers can reclaim the $75,700–$76,000 region and sustain demand above previous support levels. A recovery would likely require improving spot-market liquidity and a reduction in forced selling. Conversely, continued ETF redemptions and weak buying activity could leave the market vulnerable to additional volatility.
The latest decline highlights how quickly leveraged cryptocurrency markets can amplify price movements when institutional demand and investor confidence weaken simultaneously.
