Bitcoin and Ethereum Just Hit Their Lowest Prices Since August After $1 Billion in Liquidations. Where Do Analysts Say They Bottom?

Bitcoin (CRYPTO: BTC) closed at $74,740 on November 8, 2026, marking its lowest daily close since it finished at $73,021 on August 20. Similarly, Ethereum (CRYPTO: ETH) ended at $2,124, its lowest since closing at $1,916 on August 18. Since then, both cryptocurrencies have bounced only slightly, with Bitcoin climbing to about $75,034 and Ethereum to approximately $2,134 on November 9.

In the last 24 hours, Ethereum has dropped 4.6%, while Bitcoin has decreased by 1.2%. Over the past 30 days, Bitcoin has lost 9.2% of its value, while Ethereum has dropped more sharply by 14.5%. So where do analysts see a Bitcoin bottom, and what could stop the selling pressure on Ethereum?

$913 Million in Forced Long Liquidations Led to This Sell-off

In just 24 hours leading up to 22:00 UTC on November 8, over $1 billion in crypto trading positions were liquidated, with approximately $913 million coming from long positions, trades that are funded by borrowed money and profit only when prices rise. When losses use up a trader’s collateral, an exchange closes the position. Each forced sale can push prices down further, potentially triggering a cascade of additional liquidations.

This chain reaction, known as a liquidation cascade, ceases when the excess long positions are closed. Bitcoin has faced two of these cascades in under two weeks, following a $1.3 billion long liquidation that pushed it to a five-week low on October 30. The small rebound since then appears to reflect forced selling slowing down, with new buyers yet to enter the market.

Traders are also feeling pressure from outside the crypto sphere. For instance, on November 8, NVIDIA (NASDAQ: NVDA | NVDA Price Prediction) announced that independent directors would investigate reports regarding a foreign intelligence effort targeting its CEO, causing its stock to drop around 5% in premarket trading. Additionally, concerns about the implications of the U.S. midterm election results for crypto regulations are driving a broader downturn in cryptocurrencies.

Ethereum Has Fallen Below Its 200-Day Average, While Bitcoin Remains Above

A moving average represents a coin’s average closing price over a specific time frame. When a coin’s price drops below its moving average, it signals that sellers controlled that timeframe. Bitcoin is currently trading 5% below its 20-day average of $79,005 and around 8.2% below its 50-day average of $81,760. Meanwhile, Ethereum is 7.6% below its 20-day average of $2,310 and 14% below its 50-day average of $2,481.

The 200-day average is a key threshold that traders often use to distinguish between bull and bear markets, and this is where the two cryptos diverge. Bitcoin remains about 2.5% above its 200-day average of $73,177, while Ethereum has already slipped roughly 1% below its 200-day average of $2,155. Market reports indicate that Bitcoin has also lost its 50-week moving average, which tracks the average weekly close for the past year.

Compared to other major cryptocurrencies, Bitcoin has shown relative resilience. Over the past week, XRP (CRYPTO: XRP) has fallen 11.5%, Solana (CRYPTO: SOL) 6.8%, and Ethereum by 6%, while Bitcoin’s drop was limited to 3%. All four cryptocurrencies recorded their lowest closing prices in 30 days on November 8.

Bitcoin’s stronger performance may be attributed to support from spot ETFs and corporate treasuries, which contribute to more stable buying. In contrast, smaller cryptocurrencies involve more leveraged positions, leading to more significant impacts during sell-offs. In October, Bitcoin hovered around its 50-day average, which it has now fallen below, making the 200-day average the next critical support level to watch.

Analysts See a $79,000 Ceiling and the 200-Day Average as the Bear Target

The on-chain data firm CryptoQuant noted that coins recently traded by short-term holders are currently moving down on average. As such, the $79,000 area, just 5% above Bitcoin’s current price, may prove to be a tougher level to break. Many short-term holders, those who bought recently, may decide to sell as the price approaches their entry point to recover their investment.

FxPro analyst Alex Kuptsikevich believes that the market will test the 200-day moving average, describing it as an essential target for bearish sentiment. Going further, analyst Beth Kindig expressed a more pessimistic view, stating, “We believe that one more large drop is coming over the next several months,” although she did not specify a price level. Analysts had similarly anticipated a Bitcoin bottom in August, and both August lows endured through the market’s fluctuations.

Can Bitcoin hold above these key levels?

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