Key Insights
- Bitcoin price slipped under $70,000 on Nov. 13, and the crypto market crash pushed the BTC price to its lowest level since August.
- More than $1.3B in crypto futures were liquidated within 24 hours as ETF outflows, inflation worries, and tech weakness added pressure.
- Analysts said thin liquidity and high leverage left the market open to sharp moves.
Bitcoin (BTC) fell below $70,000 early on Nov. 13. It was the weakest level since Aug. 19, according to BTC price history. The drop extended a slide that began in mid-October. Traders also faced heavy liquidations across the market.
Bitcoin Price Slips to $69,000 as Selling Gathers Pace
Bitcoin price traded near $69,000 early Friday, according to CoinGecko data. BTC was down 17% for the quarter. BTC was at $68,607 at the time of writing. That marked a 9.2% drop over seven days.
BTC also traded about 45% below its record high of $126,198 from October 2025.
Ethereum (ETH) slipped below $2,000 for the first time since August. It traded near $1,943 at press time. XRP traded close to $1, while Solana (SOL) fell below $80. Smaller tokens such as Stacks and Monero lost 7% or more.
What Triggered the Crypto Market Crash?
Leverage made the fall sharper. CoinGlass data showed more than $1.3 billion in futures liquidations over the past 24 hours.
BTC accounted for about $677 million of that total. Nearly $500 million was wiped out in the hour BTC slipped under $70,000. Long positions accounted for more than 96% of BTC liquidations. The largest single loss was a $31 million long on Hyperliquid.
Spot ETF outflows added to the pressure. BlackRock’s iShares Bitcoin Trust (IBIT) saw over $2 billion in net outflows across nine sessions. Cointelegraph reported the streak ran through Wednesday. SoSoValue data showed US spot Bitcoin ETFs at a $1.56 billion net outflow this year.
Inflation worries played a role as well. A hotter-than-expected October CPI reading raised Fed hike odds for December, CoinDesk reported. The US Dollar Index also climbed above 103, its highest level since April 2025. The 10-year Treasury yield moved above 5%, according to 10x Research.
Geopolitical tension weighed on risk assets too. Iran’s Revolutionary Guard claimed it destroyed a US early-warning radar in Bahrain. US and Bahraini authorities had not confirmed the damage at the time. WTI crude traded near $88.
Tech stocks wobbled after Nvidia CEO Jensen Huang resigned on Thursday, analysts reported. BTC slipped below $73,000 as the news spread. 10x Research offered a different view. It said BTC reacted more to yields and the dollar than to tech stocks.
Thin liquidity made the move worse. Talos data showed Bitcoin order-book depth fell to $72 million on Nov. 9. That was about 33% below normal.
Tanay Ved of Talos said liquidity remained thin. Elevated leverage left the market “vulnerable to sharp moves in either direction.” Bitcoin perpetual open interest stayed near 463,000 BTC, close to its highs, per CoinDesk data.
BTC Price Levels Traders Watched After the Drop
Sentiment turned sharply negative. The Crypto Fear & Greed Index fell to 20. That was its lowest reading in over four months. BTC price also lost its 200-day moving average near $73,100. Mudrex’s Prateek Gupta noted the drop below it.
On the BTC/USD chart, support sat between $68,500 and $69,000. A sustained break could open the door to $65,000. Resistance stood at $71,000 to $71,500, followed by $72,727. Reclaiming those zones might ease the pressure.
Corporate flows also drew attention. MSCI will remove Strategy from its equity indexes after Nov. 30. This could force passive funds to sell Strategy shares. It does not directly require the firm to sell its Bitcoin.
Vikram Subburaj, CEO of Giottus, pointed to institutional outflows and tight liquidity. He also cited expectations for a December rate hike. He advised investors to “avoid chasing short-term dips or using excessive leverage.”
The next Fed meeting was set for Dec. 9 to 10. CME FedWatch showed market pricing for a 25- to 50-basis-point hike. Traders also watched ETF flows for signs of a turn. A return of steady inflows could help stabilize the crypto market crash.
