Key Highlights

  • Bitcoin fell below USD 70,000 early on November 13, 2026 for the first time since August 20, and some quotes showed it near USD 68,700, down more than 6% in 24 hours.
  • About USD 1.41 billion of leveraged positions were liquidated in 24 hours, nearly 89% of them long bets, and more than 110,000 traders were affected.
  • Spot Bitcoin ETFs saw net outflows above USD 2.5 billion between October 30 and November 11, and iShares Bitcoin Trust (NASDAQ:IBIT) fell 4.45% on Thursday.
  • Ether slipped below USD 2,000, and the move also fell below bitcoin's 200 day moving average, a level many traders watch.

How the Break Unfolded

Bitcoin had traded above USD 73,700 in the previous session before sliding overnight. Late Thursday it was near USD 71,500, down about 4%, and the decline accelerated when it lost the USD 70,000 round number, a level where many leveraged longs had placed stop orders. Forced closures then fed further selling. One four hour window alone saw roughly USD 622 million of liquidations, mostly long positions, and the largest single reported Liquidation was a position of about USD 31 million on a decentralized exchange. The coin is now down about 9% on the week. Ether fell below USD 2,000, Solana dropped under USD 80 and XRP approached USD 1, which shows that the selling was broad across the main tokens and not limited to bitcoin. Weekend trading adds another layer of risk because Liquidity is thinner and large orders can move prices further, while Derivatives venues that run around the clock allow liquidations to cascade without the pause that stock exchanges provide. The sharp overnight drop in Asian hours fits that pattern, and it left many traders scrambling to add Margin or close positions.

What Is Driving the Selling

Several pressures arrived together. Hot October Inflation data lifted expectations for Federal Reserve hikes, with a December increase now fully priced, and Treasury yields rose to their highest levels in weeks, with the 10 year back above 5%. The dollar index is near an 18 month high around 103.18, which tends to weigh on Assets priced against it. Spot bitcoin ETFs reported net outflows of about USD 299.8 million on November 11, of which iShares Bitcoin Trust accounted for about USD 269.7 million, and early figures for November 12 showed another outflow. Traders also point to political risk, since the market expects tougher crypto scrutiny if the opposing party wins Congress next year, and to index changes that have removed the largest bitcoin treasury company from major Equity benchmarks. The mix of macro and crypto specific pressures makes this selloff different from a purely technical correction. Higher real yields reduce the appeal of assets that pay no income, and the strong dollar tightens global financial conditions, so investors who borrowed to hold risk assets have had to reduce exposure across the board.

Technical Levels and Positioning

Chart watchers point to a support zone between USD 67,300 and USD 68,000, and a break of that band could open a move toward the high USD 60,000s. A recovery above USD 70,000 would be needed to repair sentiment, and the fear and greed index has already turned cautious. Positioning remains crowded after the summer rally, and funding rates that had been elevated give room for more forced selling if prices drop further. For ETF holders such as iShares Bitcoin Trust, the product tracks the price closely, so the decline flows directly into the share price, and further outflows would reflect weaker Demand from both retail and institutional holders. Longer term holders have so far shown little sign of capitulating, and on chain data often shows accumulation near the lows, but ETF outflows suggest that newer investors are heading for the exits first, and that group tends to set the tone for short term price action.

Where Things Stand

The next signals are the producer price report at 8:30 AM ET and the Federal Reserve speakers today, because any inflation surprise would flow straight into bitcoin. Watch ETF flow data for Thursday and Friday, the USD 67,300 to USD 68,000 support zone, and whether liquidations fade or keep building through the weekend.