Bitcoin price crashes below the psychologically important $70,000 level for the first time since August, extending a broader crypto market sell-off as a stronger US dollar and rising expectations of another Federal Reserve rate hike weigh on investor sentiment. The decline triggered a wave of forced liquidations across derivatives markets, with more than $1.6 billion in leveraged positions wiped out over 24 hours.
Bitcoin (BTC) dropped as low as $67,770 on November 13, its weakest level since August 19, while Ethereum (ETH) briefly reached $1,900, marking its lowest price since August 18. The CoinDesk 20 Index also declined by 2%, reflecting the broader pressure across digital assets.
Stronger Dollar and Fed Rate Expectations Put Pressure on Bitcoin
Macroeconomic developments have become a major source of pressure for cryptocurrency markets. The US Dollar Index climbed above 103, reaching its highest level since April 2025, as traders adjusted their expectations for Federal Reserve policy following hotter-than-expected inflation data.
According to CME FedWatch figures, markets were pricing in an 88% probability of a 25-basis-point rate increase at the Fed’s December meeting. The remaining 12% reflected expectations of a larger, 50-basis-point increase.
Higher interest rates can weigh on assets such as Bitcoin because they make traditional interest-bearing investments more attractive. Rising bond yields and a stronger dollar have therefore added to the challenges facing digital assets.
The market downturn also coincided with Nvidia CEO Jensen Huang’s resignation, which sent shares of the technology company down approximately 4%. Given Bitcoin’s recent correlation with technology stocks, renewed weakness in the sector added another source of selling pressure.
Crypto Liquidations Surpass $1.6 Billion as Long Traders Take the Biggest Hit
The speed of Bitcoin’s decline triggered substantial losses among leveraged traders. CoinGlass data showed that approximately $1.64 billion in crypto positions were liquidated over 24 hours, with long positions accounting for nearly 89% of the total.
Bitcoin-related liquidations reached $916 million, including a significant concentration of bullish positions. Longs represented 95.2% of Bitcoin’s forced closures, while Ethereum recorded another $289 million in liquidations, with 89.5% coming from long positions.
The largest individual liquidation involved a Bitcoin long position worth approximately $31.1 million on Hyperliquid.
Derivatives activity also increased sharply during the sell-off. Crypto futures trading volume climbed 58.3% to $269.1 billion, while total open interest declined 4.6% to $120.2 billion. This combination suggests traders were closing positions and reducing exposure as prices moved lower.
Bitcoin ETF Outflows Add to the Selling Pressure
Institutional flows have provided another indication of weakening demand. US spot Bitcoin ETFs recorded approximately $47.7 million in net withdrawals on Thursday, extending their losing streak to six consecutive sessions.
The withdrawals brought cumulative outflows over that period to around $1.44 billion, according to data. Continued redemptions from these funds suggest that some investors are reducing their Bitcoin exposure amid the deteriorating market environment.
Meanwhile, traders are turning their attention to upcoming US economic data. October producer price figures are expected later on November 13, with economists forecasting a monthly increase of 0.4%. The Federal Reserve’s next policy meeting is scheduled for December 8–9, keeping interest-rate expectations firmly in focus.
What Comes Next for Bitcoin?
Bitcoin’s break below $70,000 represents a significant deterioration in short-term market sentiment. The recent low near $67,770 is now an important level to watch, as another move below it could expose the market to further downside pressure.
A recovery above $70,000, meanwhile, would offer an initial indication that buyers are attempting to regain control. However, persistent ETF withdrawals, elevated liquidation activity, and uncertainty surrounding Federal Reserve policy could make a sustained recovery difficult.
The next direction may depend on whether macroeconomic developments ease pressure on risk assets and whether institutional demand begins to stabilize.
Do you think Bitcoin can recover above $70,000, or is another decline likely?
Will continued ETF outflows and expectations of higher interest rates push the crypto market into a deeper correction?
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