Bitcoin Nears $59,500–$62,600 Liquidation Zone; Glassnode Warns of Risks to Longs

Bitcoin is approaching the $59,500–$62,600 range, where Glassnode says liquidations are most concentrated, according to ChainThink. The zone has remained untouched since the August low on a six-month liquidation heatmap. Glassnode warned that long positions opened during the August breakout could face additional liquidation risk as Bitcoin approaches this range. Bitcoin traded at $63,602 on Nov. 14, down 6.90% in 24 hours, 14.81% over the week and 21.45% over the month. U.S. spot Bitcoin ETFs posted a net outflow of $185.4 million on Nov. 13, with BlackRock accounting for $143.5 million and Fidelity $41.9 million. Outflows totaled about $1.07 billion from Nov. 9 to Nov. 13, marking the seventh consecutive trading day of net outflows. CME FedWatch data as of Nov. 14 showed the market pricing in an 88.5% probability of a 25-basis-point Fed rate hike and an 11.5% probability of a 50-basis-point hike. The Federal Reserve will hold its policy meeting on Dec. 8–9.