Bitcoin Retreats to 73.4K After $17.6M Short Squeeze Runs Out of Fuel

Bitcoin fell back to test 73.4K on Nov. 11 after a short squeeze that liquidated $17.62 million in short positions stalled below the 75.1K liquidation zone, according to market analyst Arnoru's Nov. 11, 18:00 EST chart analysis on TradingView.

The squeeze itself was real. Between 07:00 and 18:00 EST on Nov. 11, partial feeds from four exchanges showed cumulative realized liquidations of $17.62 million in shorts against $9.41 million in longs. Price pushed through the 74.3K range top and printed 74.8K — but never reached the 75.2K target from the prior forecast. Long liquidations then dragged the price back to 73.5K.

The takeaway: the upside attempt cleared leverage, but it didn't change the range.

What did the failed breakout do to positioning?

Open interest fell to roughly 205.82K BTC, down 2.7% from 211.45K BTC at the previous update. Positions were partly cleared on both sides of the market — a healthier setup than a one-sided flush, but not a confirmation of direction.

The liquidation map tells you where the leverage now sits. The long/short ratio across all leverage and the full price range runs about 75% to 25%:

• Upside liquidation zones: 75.1K, 76.1K, 76.8K, 77.6K
• Downside liquidation zone: 73.4K
• Short clusters: 74.7K–75.1K, sitting above price
• Long clusters: 73.4K–73.7K, sitting below price

That cluster placement matters. A fresh push higher would run into forced short buying between 74.7K and 75.1K; a break of 73.4K would trigger long liquidations stacked just underneath.

Is spot buying turning the picture?

Not yet. Arnoru's cumulative volume delta reading shows spot buying coming in, led by Coinbase — but the aggregate CVD signal remains bearish. Coinbase-led dip buying is a constructive detail. It just hasn't flipped the broader tape.

The previous forecast review, per Arnoru, was directionally right on the break but short on magnitude: price broke above the 74.3K range top and reached 74.8K, but did not reach 75.2K, then pulled back to 73.5K.

What happens if 73.4K breaks — or holds?

The expected path splits cleanly at 73.4K. If the level holds, Arnoru expects a 73.4K–74.8K range to persist. If it breaks, the prior low near 72.7K becomes the next reference.

Arnoru's own read on the setup: "Price tested the upper side of the range once. About $17.6M of shorts were liquidated as price rose to 74.8K, but it did not reach the 75.1K liquidation zone, and long liquidations then brought it back to 73.5K."

The stated positioning is to stay on the sidelines: "The return of Coinbase spot buying is a positive sign, but until an upside break is confirmed I prefer to stay on the sidelines and watch whether 73.4K holds."

What signals would change the view?

Arnoru lists four indicators to monitor: whether 73.4K holds, open interest changes, Coinbase spot CVD, and actual long and short liquidation volume.

The reassessment trigger is specific. A sustained hold above 75.1K, combined with an improving spot CVD, would flip the bias from range-bound to bullish. Until that combination appears, the range thesis stands — and 73.4K is the level that decides whether 72.7K comes back into play.

The analyst notes the analysis is for personal record and sharing only and is not investment advice.