$70,000 held for three months, then a single pin pierced it this morning.
$BTC fell to a low of $68,307 this morning, breaking below the $70,000 mark for the first time since August 19. It is currently around $68,621, down about 6.8% in 24 hours. It still closed at $72,884 on 11-12—that’s another drop of more than $4,000 overnight.
This sell-off isn’t just about Bitcoin: total liquidations across the market were about $1.23 billion over 24 hours, with Bitcoin accounting for roughly $677 million. Long positions made up 96% of those liquidations, affecting more than 150,000 traders. $ETH also fell below $2,000, XRP neared $1, and SOL dropped below $80.
Money is still flowing out: U.S. spot Bitcoin ETFs saw net outflows of about $300 million on 11-11, marking a fifth consecutive trading day of outflows and bringing the five-day total to roughly $1.44 billion. IBIT has seen outflows for nine consecutive trading days since October 30, totaling about $2 billion. Stablecoin supply shrank by $14.2 billion over 30 days, the largest 30-day decline since 2022.
It all comes down to the same chain of events: October CPI came in hotter than expected, the odds of a December rate hike climbed to around 90%, the U.S. dollar index rose above 103 to a 19-month high, and the Fear & Greed Index fell to 20, indicating extreme fear. The weekly chart has now fallen for five straight weeks, and this week could bring a sixth consecutive weekly decline.
My take: The decisive break below $70,000 has handed the bears every card—five straight days of ETF outflows, continued stablecoin contraction, and liquidations overwhelmingly weighing on longs. Trying to buy the dip here is like catching a falling knife. On the other hand, with the Fear & Greed Index at 20 and the daily RSI in oversold territory, this is also where sharp relief rallies are most likely. Tonight’s 21:30 PPI release is the next turning point: if the month-over-month headline figure comes in above the 0.4% forecast, $65,000 is the next stop; if it comes in below expectations and price climbs back above $72,000, that’s when bears will have to start covering.
Data as of: 2026-11-13 05:45 UTC
For informational purposes only; this is not investment advice.
$BTC fell to a low of $68,307 this morning, breaking below the $70,000 mark for the first time since August 19. It is currently around $68,621, down about 6.8% in 24 hours. It still closed at $72,884 on 11-12—that’s another drop of more than $4,000 overnight.
This sell-off isn’t just about Bitcoin: total liquidations across the market were about $1.23 billion over 24 hours, with Bitcoin accounting for roughly $677 million. Long positions made up 96% of those liquidations, affecting more than 150,000 traders. $ETH also fell below $2,000, XRP neared $1, and SOL dropped below $80.
Money is still flowing out: U.S. spot Bitcoin ETFs saw net outflows of about $300 million on 11-11, marking a fifth consecutive trading day of outflows and bringing the five-day total to roughly $1.44 billion. IBIT has seen outflows for nine consecutive trading days since October 30, totaling about $2 billion. Stablecoin supply shrank by $14.2 billion over 30 days, the largest 30-day decline since 2022.
It all comes down to the same chain of events: October CPI came in hotter than expected, the odds of a December rate hike climbed to around 90%, the U.S. dollar index rose above 103 to a 19-month high, and the Fear & Greed Index fell to 20, indicating extreme fear. The weekly chart has now fallen for five straight weeks, and this week could bring a sixth consecutive weekly decline.
My take: The decisive break below $70,000 has handed the bears every card—five straight days of ETF outflows, continued stablecoin contraction, and liquidations overwhelmingly weighing on longs. Trying to buy the dip here is like catching a falling knife. On the other hand, with the Fear & Greed Index at 20 and the daily RSI in oversold territory, this is also where sharp relief rallies are most likely. Tonight’s 21:30 PPI release is the next turning point: if the month-over-month headline figure comes in above the 0.4% forecast, $65,000 is the next stop; if it comes in below expectations and price climbs back above $72,000, that’s when bears will have to start covering.
Data as of: 2026-11-13 05:45 UTC
For informational purposes only; this is not investment advice.
