bitcoin price plunges below $70k
Bitcoin (BTC) plunged below the $70,000 mark early Friday, November 13, triggering a massive wave of liquidations across cryptocurrency markets. The flagship digital asset traded near $68,750 after briefly touching $68,500 on Binance, marking its lowest level since August.
The sharp downturn liquidated over $1.2 billion in leveraged crypto positions within 24 hours, fueled by a strengthening US dollar, a broad sell-off in technology stocks, and sustained withdrawals from US spot Bitcoin exchange-traded funds.
Bitcoin price plunges amid market turbulence
The cryptocurrency market experienced a significant shock, with Bitcoin’s decline reflecting a confluence of macroeconomic pressures and specific industry developments. Other major digital assets also suffered, as Ethereum (ETH) slipped below $2,000, XRP approached $1, and Solana (SOL) traded under $80, indicating a widespread loss of confidence among investors.
The current price level represents a substantial drop, with Bitcoin having lost roughly 45% from its October 2025 record high of $126,198.
The sudden and steep drop in Bitcoin’s value initiated a cascade of forced closures in the leveraged cryptocurrency futures market. According to CoinGlass liquidation data, cryptocurrency exchanges liquidated approximately $1.23 billion in leveraged positions over 24 hours. This affected more than 151,000 traders who had borrowed funds to amplify their bets on rising prices, exposing the fragility of highly leveraged market segments.
Bitcoin positions bore the brunt of these liquidations, accounting for roughly $677.5 million of the total. A staggering $653.5 million of this figure stemmed from long positions, while short positions made up only $24.1 million. This disparity highlights how heavily traders were positioned for price increases, making them vulnerable to rapid downside movements.
The overwhelming majority, over 96%, of Bitcoin liquidations were from long positions, underscoring the severe impact on those betting on a recovery.
One notable incident included a single BTC-USD position worth $31.09 million liquidated on Hyperliquid. Liquidations occur when exchanges automatically close leveraged positions after losses reduce the collateral supporting them below required levels. Such forced closures often create additional selling pressure, especially when numerous leveraged positions hit their liquidation thresholds around similar price points, exacerbating market downturns.
Multiple headwinds drive Bitcoin’s sharp decline
Bitcoin’s recent slump is not attributable to a single factor but rather a combination of powerful macroeconomic and industry-specific headwinds. Investors have reacted to a stronger US dollar, shifting expectations for Federal Reserve monetary policy, significant corporate news, and ongoing institutional outflows from key investment vehicles.
Dollar strength and Federal Reserve outlook
A resurgent US dollar played a pivotal role in the cryptocurrency sell-off. The US Dollar Index (DXY) climbed above 103 on Thursday, reaching its highest level in approximately 19 months. This surge reflects increased investor confidence in the dollar amid global uncertainties and robust US economic data.
Concurrently, Treasury yields moved higher following stronger-than-expected inflation figures, which have intensified expectations that the Federal Reserve could raise interest rates again in December.
Higher interest rates typically make traditional, interest-bearing investments more attractive compared to non-yielding assets like Bitcoin. This shift in relative attractiveness often draws capital away from riskier assets. The Federal Open Market Committee (FOMC) will announce its next interest rate decision on December 9, 2026, and traders are now fully pricing in a December rate increase, adding further pressure to speculative markets.
Nvidia leadership change rattles tech stocks
The technology sector faced separate and significant pressure after NVIDIA Corporation confirmed that its co-founder and long-time Chief Executive Officer (CEO), Jensen Huang, had resigned from his roles as CEO and board member. Chief Financial Officer Colette Kress has taken over as interim CEO.
This unexpected leadership transition sent ripples through the market, causing Nvidia shares to fall and raising concerns about the company’s future direction.
The news weighed heavily on sentiment toward technology and AI-related investments, which often correlate with cryptocurrency markets. Bitcoin had already shown sensitivity to Nvidia’s leadership crisis, having slipped below $73,000 on November 12 as the situation unfolded. The broader tech sell-off contributed to a risk-off environment that impacted digital assets.
Institutional withdrawals from spot Bitcoin ETFs
Institutional demand for Bitcoin has remained weak, as evidenced by continued outflows from US spot Bitcoin exchange-traded funds (ETFs). Farside Investors data revealed that these ETFs recorded $299.8 million in net withdrawals on November 11 alone. BlackRock’s IBIT fund, one of the largest spot Bitcoin ETFs, accounted for a substantial $269.7 million of these outflows.
These recent withdrawals bring the total outflows across five consecutive trading sessions to approximately $1.44 billion, signaling a sustained lack of institutional buying interest. The consistent Bitcoin ETF outflows suggest that a significant segment of institutional capital is either taking profits or shifting away from crypto exposure, further dampening market sentiment.
Such sustained exits from major players like BlackRock’s IBIT fund can create considerable selling pressure.
Geopolitical concerns and MSCI index changes
Fresh geopolitical tensions also added to market unease early Friday. Iran’s Islamic Revolutionary Guard Corps claimed it had attacked a US early-warning radar installation in Bahrain, stating the operation was retaliation for an alleged air attack on a telecommunications tower in Sirik, southern Iran.
While US and Bahraini authorities did not immediately confirm the reported damage, the announcement added to broader instability concerns in the Middle East.
In another development impacting investor sentiment, MSCI confirmed upcoming changes to its equity indexes, effective after November 30. These changes include the removal of MicroStrategy Inc., the largest publicly traded corporate Bitcoin holder, from certain indexes.
While this decision does not directly mandate MicroStrategy to sell its considerable Bitcoin holdings, it could force passive investment funds tracking those indexes to sell MicroStrategy shares, creating indirect selling pressure on assets associated with the company.
Analyst outlook amid technical weakness
Despite the prevailing bearish sentiment and significant price corrections, some market participants maintain a bullish long-term outlook for Bitcoin. Crypto analyst Doctor Profit, for instance, reiterated his strong belief in Bitcoin’s upward trajectory in a November 13 post on X. He argued that the recent correction had not invalidated Bitcoin’s broader recovery from earlier lows, advising investors to “ignore the noise.”
Doctor Profit indicated that he continues to hold spot Bitcoin positions initiated around the $60,000 level and maintains leveraged long positions from $80,000. He cautioned that investors waiting for another dip towards previous lows might miss a potential recovery, suggesting that market narratives often incorrectly predict bottoms. This perspective offers a counterpoint to the immediate fear and uncertainty gripping the market.
However, the technical picture for Bitcoin remains weak following the latest drop. Bitcoin’s daily chart shows BTC trading near $68,750 after falling from an opening price of $71,460 to a low of $68,500. The Chande Momentum Oscillator stood at -88.53, a strong indicator of negative momentum and an oversold reading on the daily chart.
This suggests that while a bounce is possible due to oversold conditions, the underlying trend is still downward.
Immediate support for Bitcoin lies between $68,500 and $69,000. A sustained breach below this range could expose the $65,000 level, a key psychological and technical support point. Conversely, a recovery above $70,000 would bring resistance levels between $71,000 and $71,500 into focus, followed by further resistance at $72,727 and $74,811.
To challenge the current pattern of lower highs, Bitcoin would need to reclaim these higher levels convincingly.
What’s next for Bitcoin and the broader market
The immediate future for Bitcoin and the wider cryptocurrency market will likely depend on several key data points and policy decisions. Upcoming US inflation data will be critical, as it will further inform expectations for the Federal Reserve’s monetary policy. Any signs of persistent inflation could reinforce the Fed’s hawkish stance, potentially leading to further interest rate hikes that could weigh on non-yielding assets.
Investors will also be closely watching the next available Bitcoin ETF flow figures. A reversal in the trend of institutional outflows would be a significant positive signal, suggesting renewed interest and capital inflow. Conversely, continued withdrawals from funds like BlackRock’s IBIT fund could signal prolonged institutional caution.
The interplay of these factors will dictate whether Bitcoin can reclaim lost ground or if it faces further downside pressure in the coming weeks, building on previous Bitcoin price drops seen this year.