Alright, let's get into this Bitcoin dip below $100,000. On November 13, 2025, we saw a fall to $98,377. The immediate fallout? A cool $657.88 million in crypto liquidations within 24 hours. The real pain was felt by those in long positions, accounting for $533.57 million of that liquidation bloodbath, compared to a relatively paltry $124.31 million for the shorts.
What I find interesting is the acceleration: $513.15 million liquidated in the last 12 hours alone. That tells you it wasn't just a gradual slide; it was a panic. And it snapped a 189-day streak of Bitcoin staying above that psychological $100,000 mark.
Digging Into the Data
Now, why did this happen? The obvious culprits are ETF redemptions (always a factor, it seems) and what's being called the "largest forced closure day" of Q4. But let's look closer. The drop represents a 22% correction from the October 6 peak of $126,080. That's not just a minor wobble; that's a significant pullback.
Analyst Satoshi Stacker pointed to US-based selling pressure, highlighting a Coinbase $BTC discount. And trader Maartunn flagged the $100,000 level as a key liquidity zone. This suggests a concentration of stop-loss orders around that price point, which, once triggered, created a cascade effect.
Strategist Liz Thomas noted a divergence with gold, suggesting dollar weakness helped gold but not Bitcoin. This is where things get a bit murkier. Traditionally, both are seen as safe havens, but the market clearly viewed them differently this time around. Was it a flight to perceived "real" assets? Or something else entirely? The lack of a unified response to dollar weakness between the two is, frankly, odd.
I've looked at hundreds of these market analyses, and that divergence is unusual. Was the market pricing in something specific to Bitcoin, maybe regulatory fears or technological concerns, that didn't impact gold?
Polymarket traders were pricing in a 66% probability of Bitcoin reaching $95,000 in November. Kalshi participants assigned a 37% chance to another S&P 500 company announcing Bitcoin purchases this year. These numbers, taken together, paint a picture of cautious optimism mixed with a healthy dose of skepticism. The fact that the market was already pricing in a potential dip suggests this wasn't entirely unexpected.
Context is King
It's important to remember that this wasn't Bitcoin's first rodeo below $100,000 this month. We saw breaches to $99,607 on Nov. 4 and $99,377 on Nov. 7. This makes the Nov. 13 drop the third sub-$100,000 low this month. So, while the magnitude of the liquidations is noteworthy, the price action itself was foreshadowed. According to Bitcoin Price Today: BTC Drops to $98K as $658M Liquidations Shake Crypto Market - Yahoo Finance, the price dipped to $98K.
Think of Bitcoin's price like a rubber band. You can stretch it pretty far, but eventually, it snaps back. The question is: was this snap a temporary correction, or does it signal a fundamental weakening of the underlying elastic?
And this is the part of the report that I find genuinely puzzling. The market seems to be treating Bitcoin less like a store of value and more like a high-growth tech stock, susceptible to the same whims and anxieties. The correlation with traditional risk assets appears to be increasing, which undermines the whole "digital gold" narrative.
Just a Speed Bump, or the Start of a Detour?
So, what's the real takeaway here? Was this a buying opportunity, a moment of panic selling, or a canary in the coal mine? The data, as always, is open to interpretation. But the sheer volume of liquidations, coupled with the divergence from gold, suggests something more than just a routine correction. The narrative is shifting, and anyone still clinging to the "Bitcoin as digital gold" story needs to take a long, hard look at the numbers.