Quick Answer: Bitcoin fell toward $76,000 during the November 5–6 selloff. A Phemex BTC/USDT screen showed $75,965 at 03:30:50 UTC on November 6, down 5.87% over 24 hours. A CoinGlass dashboard capture supplied at about 03:32 UTC showed $1.24 billion in liquidations across its tracked instruments over a rolling 24 hours, including $325.18 million attributed to BTC. U.S. technology shares also sold off. These observations show simultaneous market stress; they do not establish which event started Bitcoin's decline or whether another leg is coming.
What happened to Bitcoin and crypto derivatives?
BTC moved through a wide 24-hour range while leveraged long positions were forcibly closed. The numbers below have different clocks and coverage. They should not be added together or read as current quotes after publication.
| Observation | Value | Window and source | Limit |
|---|---|---|---|
| Phemex BTC/USDT displayed price | $75,965; down 5.87% over 24 hours | 03:30:50 UTC, November 6; supplied Phemex trading-screen capture; live BTC page | A trading-pair snapshot, not a market-wide closing price. |
| Phemex BTC/USDT 24-hour high/low | $80,832.83 / $75,259.00 | Same screen and time; live BTC page | The trailing window moves continuously. |
| CoinGlass 24-hour liquidation total | $1.24 billion; $1.10 billion long (88.6%) | Supplied CoinGlass dashboard capture received about 03:32 UTC, November 6 | Rolling aggregate of tracked instruments; exact capture time is not visible. The heatmap also shows stock-linked tickers, so do not label the whole figure crypto-only. |
| BTC liquidations | $325.18 million; 90.2% long | Same CoinGlass heatmap capture | BTC-specific 24-hour figure; distinct from the dashboard total. |
| Nasdaq-100 move | Down 6.4% on the day | November 5 U.S. session; CoinDesk's market-close report | A same-day equity move, not a measured BTC–Nasdaq correlation or proof of causation. |
The liquidation figures describe the notional value of positions closed under margin rules. They are not the dollar amount every trader lost, the value of spot Bitcoin sold, or the amount of capital withdrawn from exchanges. The CoinGlass heatmap includes tickers associated with stock-linked products, so its $1.24 billion dashboard total should not be presented as crypto-only. The BTC tile provides a narrower asset figure. Because these are rolling 24-hour readings, later dashboard values can differ without contradicting this capture.
Did liquidations cause the Bitcoin drop?
Liquidations could have amplified the move, but the available data do not identify a single initiating cause. In a leveraged long, a falling mark price reduces the margin available to support the position. Once the relevant maintenance threshold is reached, the exchange can close the position. Those closures may add selling pressure when market depth is thin; further declines may then reach other positions. This feedback loop is a liquidation cascade. Phemex's liquidation guide explains the mark-price trigger used on its contracts.
There is a key sequencing problem: a price decline can trigger liquidations, and liquidations can deepen a price decline. A 24-hour total alone does not show which orders moved the market first. To test the cascade explanation, an analyst would need time-aligned price, exchange-level liquidation, open-interest and order-book data. The headline number is evidence of stressed leverage, not a complete causal account.
Did the technology-stock selloff matter?
It may have contributed to a broader reduction in risk exposure. On November 5, CoinDesk reported a 6.4% decline in the Nasdaq-100 for the U.S. session, alongside heavy losses in semiconductor shares. Bitcoin's decline occurred during the same wider risk-off period. That timing is relevant context, but one session does not measure a stable relationship between BTC and equities.
Interest-rate expectations, election headlines and company-specific news are possible background factors. This article does not assign them a quantified share of the BTC move because the available evidence does not isolate their effects. A sound follow-up would compare synchronized intraday returns and then test whether the relationship persists beyond this episode.
Is $76,000 a Bitcoin support level?
It is a round-number reference near the price observed at publication, not a validated support level. Phemex's displayed 24-hour low was below that number, at $75,259. Calling $76,000 a floor would therefore overstate what the snapshot shows.
For a useful market update, track whether BTC holds or rejects a level over a stated interval, whether volume accompanies the move, and whether open interest rebuilds after forced closures. These are observations to monitor, not a rebound forecast. A level that held in one session can fail in the next.
Check the latest BTC price and markets before using any level from this article. If you decide to place a trade after your own research, review Phemex spot trading and its order details. Available products vary by region.
What should leveraged traders check after a selloff?
Start with the risk of the position you already have, rather than trying to infer a price target from the liquidation total. Check the current mark price, your liquidation price, the margin allocated to the position and whether other positions share that margin. Phemex's margin guide explains how isolated and cross margin allocate account funds differently.
A stop-loss can help define an exit, but triggering an order does not guarantee its final execution price or that it will close before a rapid liquidation. Trigger type, market depth and slippage matter. Review the Phemex take-profit and stop-loss instructions and the trigger-price explanation before relying on one. Lower leverage and smaller positions reduce exposure to a given percentage move, but neither eliminates loss risk.
Frequently asked questions
Does $1.24 billion in liquidations mean that amount left crypto?
No. The dashboard amount is the notional size of forced position closures across its tracked instruments during a rolling period. The supplied heatmap includes stock-linked tickers, so the total is not necessarily crypto-only. It is not a measure of exchange outflows or spot sales.
Does a large long-liquidation total predict a rebound?
No. It shows that many bullish leveraged positions were closed. Price can stabilize, rebound or keep falling after the reporting window. The total alone cannot distinguish those outcomes.
Can a stop-loss guarantee protection from liquidation?
No. A stop-loss has a trigger condition and an execution process. Fast markets, slippage, order settings and the relationship between last price and mark price can affect whether and where it fills.
