Bitcoin has slipped back below $74,000 as selloffs continue to hit bullish positions. The threshold of 72,000 dollars is now attracting attention, not because traders all consider it a certain target, but because the accumulation of put options can modify the hedges of professionals and amplify the next movements.
In brief
- Bitcoin falls back below $74,000, in a market weakened by the lack of spot purchases.
- Liquidations reach $356 million in 24 hours, mainly on bullish positions.
- Traders are multiplying put options to protect themselves against a drop towards $72,000.
- Below $76,000, professional hedging could accentuate BTC movements.
- The next options expiries could amplify the decline or encourage a rebound in Bitcoin.
Below 74,000 dollars, spot purchases disappear
Bitcoin was trading around $73,703 on November 10, down 1.3% over twenty-four hours and 3.5% over one week. The recovery observed after the American elections did not resist the return of risk aversion.
The new decline further penalized traders exposed to leverage. Around $356 million in crypto positions were liquidated in twenty-four hours, nearly 79% of which were bullish bets.
The data show the extent of the imbalance:
- 80898 traders suffered liquidation;
- Long positions lost about $280 million;
- Bitcoin concentrated $86.1 million in liquidations;
- 82.3% of liquidations on BTC involved bullish positions;
- Binance represented 42.6% of the total observed on the platforms tracked.
The largest individual liquidation occurred on Hyperliquid. A long BTC-USD position of $14.31 million was closed automatically there.
For Bitfinex analysts, the problem comes from the nature of the previous rebound. This was based more on perpetual contracts than on an actual accumulation of bitcoins in cash.
“A market supported by perpetual long positions rather than spot purchases tends to break cascading levels”they explain. When the price falls, liquidations of leveraged contracts automatically add new sales to an already fragile market.
Traders are now protecting themselves against a fall to $72,000
Options give a more nuanced reading than that of an entirely bear market. Total open interest remains dominated by call options, which give the right to buy bitcoin at a set price. These options represent approximately 56% of contracts in circulation, compared to 44% for sales options.
The most recent activity, however, has shifted toward downside protection. Over twenty-four hours, volumes reached 22,336 BTC for put options, compared to 20,920 BTC for call options. Investors therefore hold many long-term bullish positions, but buy more short-term hedges.
On Deribit, the $74,000 put expiring on November 13 saw the highest volume, with around 3,563 BTC. It is followed by the $72,000 put on November 27, with almost 2,061 BTC.
These volumes do not mean that holders necessarily anticipate a fall below $72,000. A put option can be used to speculate, but also to protect a BTC portfolio against a temporary correction.
The danger comes from the effect of the covers. Market makers who sell these options regularly adjust their exposure by buying or selling bitcoin or futures contracts. When the price approaches a heavily traded strike price, these trades can reinforce the initial move.
The aggregated data accurately locates the tipping level of the coverages, or “zero gamma”around 76,000 dollars. Below this zone, professional adjustments may become less stabilizing.
Deadlines can amplify the decline like the rebound of bitcoin
The positioning does not paint a solely negative scenario. The largest individual position recorded on Deribit remains the $81,000 call expiring on November 13, with approximately 8,307 BTC of open interest. The December calls at $80,000 and $100,000 also remain important.
The level of “max bread” associated with the November 13 deadline was around $75,000 to $77,000 depending on the time and calculation method. It corresponds to the theoretical price at which option holders would collectively suffer the most losses. This level is, however, not a forecast and does not exert any guaranteed mechanical attraction on the price.
Bitfinex analysts envisage a fluctuation zone between $72,350 and $79,400 before expiration. This width reflects the current uncertainty: the market can test bearish protections, but also rise quickly if sellers fail to break supports.
A return above $76,000 would reduce hedging pressure and could force some bearish traders to close their positions. Conversely, a lasting break of $73,000 would bring the price of the heavily traded put closer to $72,000, then the options wall located around $70,000.
The real risk therefore does not lie in a magic number set by traders. It comes from the combination of no spot purchases, leveraged positions and option hedges. In this context, $72,000 becomes less of a prediction and more of an area where market mechanics could accelerate the decline.
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