TradingKey – Crypto market turmoil triggered liquidations of 240,000 traders as Bitcoin tumbled over 5%; however, high-level consolidation leaves the bullish structure intact.

On November 6, Bitcoin (BTC) abruptly faced severe profit-taking and massive liquidation selling pressure right after reclaiming the $80,000 mark, plunging more than 5% on the day and sliding intraday to $75,100. A cascading deleveraging event ensued across the derivatives market, with nearly 240,000 traders forcibly liquidated across the network within 24 hours, bringing total liquidations to as much as $1.2 billion.

Over the past two days, the Democratic Party swept Congress in the U.S. midterm elections, exerting broad downward pressure on U.S. equities. The…