Bitcoin sinks below $70,000 to 3‑month low

Bitcoin fell below $70,000 on Friday, November 13, 2026, hitting its lowest level since August 19 and extending a multiweek slump in the largest cryptocurrency. Bitcoin dropped to $67,555, down nearly 8% over 24 hours. The move continued a broader slide that has left Bitcoin down roughly 17%–18% since September, reversing a significant portion of its earlier rally.

After touching its lows, Bitcoin later pared part of the drop to trade near $69,000 in London morning dealing, but it remained below the psychologically important $70,000 threshold. The latest leg lower came as risk appetite weakened across markets, with Asian equities giving back earlier gains and bonds selling off ahead of scheduled U.S. economic data.

Hotter U.S. inflation data revived expectations that the Federal Reserve could deliver additional interest rate hikes, lifting government bond yields and the U.S. dollar. The Dollar Index traded above 103, its highest level since April 2025, as the greenback reached its strongest levels in 19 months against a basket of major currencies. This backdrop weighed on risk-sensitive assets, including cryptocurrencies and technology stocks.

Market participants cited the tougher rate outlook and stronger dollar as key macroeconomic drivers of Bitcoin’s decline. Higher yields and a firmer dollar tend to reduce the appeal of non‑yielding assets such as Bitcoin and can tighten overall financial conditions, prompting investors to scale back leveraged and speculative positions.

Investors have withdrawn roughly $1.5 billion from crypto funds over the past five trading days, removing an important source of institutional demand. At the same time, data showed a contraction in spot Bitcoin demand of about 290,000 BTC over the last 30 days, described as the largest drop in such demand since December 2023. This weakening demand backdrop preceded the sharp price break below $70,000.

Liquidity conditions in spot markets also appeared less supportive. Talos' measure of spot order-book depth across three major exchanges fell to $72 million on November 9, roughly a third below typical levels, and remained 10% to 15% below normal on November 12.

As Bitcoin broke below key support near $70,000, leveraged long positions came under pressure. Coinglass data showed exchanges liquidated more than $1.3 billion in cryptocurrency futures positions over 24 hours, of which around $677 million was tied to Bitcoin futures.

Nearly $500 million of the liquidations occurred just as Bitcoin fell through the $70,000 level, illustrating how concentrated positioning magnified the downside move. The largest single liquidated position, worth more than $31 million, was a long Bitcoin bet on a decentralized trading platform. These forced unwinds underscored how elevated leverage and thinner liquidity can amplify price swings when sentiment shifts.