Bitcoin crashes below $70,000, hits lowest since August as institutional selling deepens crypto rout
Bitcoin plunged below $70,000 on November 13, hitting its lowest level since August amid institutional ETF outflows, persistent US inflation and interest rate concerns. Crypto liquidations exceeded $1.6 billion, while analysts warned of a possible...
By Kumar Gaurav, ETMarkets.com |
ETMarkets.com
The world's largest cryptocurrency, Bitcoin, fell below the psychologically important $70,000 mark on Friday, November 13, slipping to its lowest level since August as institutional selling, persistent US inflation concerns and expectations of higher interest rates triggered a broad sell-off across cryptocurrency markets.
According to Binance data, Bitcoin was trading at $69,091.85, down 5.09% over the past 24 hours. During the period, the cryptocurrency moved between a high of $72,841.98 and a low of $67,653.07. Its market capitalisation stood at around $1.4 trillion, with 24-hour trading volume at $46.3 billion and circulating supply of 20.1 million BTC.
The latest decline has taken Bitcoin significantly below its all-time high of $126,198.07, recorded on October 7, 2025, highlighting the extent of the correction in the world's largest cryptocurrency.
Institutional outflows from spot Bitcoin exchange-traded funds (ETFs) have emerged as one of the key factors weighing on prices. These funds witnessed five consecutive sessions of net outflows totalling approximately $1.44 billion, indicating sustained capital withdrawal and weakening institutional appetite for the asset.
Selling pressure in the spot market has added to the decline, with intraday net outflows exceeding $65 million during high-volume trading hours, pushing Bitcoin below key technical support levels.
Technical indicators have also turned increasingly bearish. The negative MACD histogram has expanded to -204.4, signalling strengthening downward momentum, while Bitcoin has slipped below the lower Bollinger Band, pointing to heightened selling pressure.
Piyush Walke, derivatives research analyst at Delta Exchange, said Bitcoin's fall below $70,000 reflected a combination of persistent US inflation, expectations of higher interest rates and institutional selling.
"Bitcoin plunged below the $70,000 mark on Friday, November 13, hitting its lowest level since August as persistent US inflation, expectations of higher interest rates and institutional selling triggered widespread pressure across cryptocurrency markets," Walke said.
He added that Bitcoin fell below $68,000 during early trading, recording an intraday low of approximately $67,500. The weakness also extended to other cryptocurrencies, with Ethereum slipping below $2,000 and major altcoins, including Solana, XRP and BNB, facing significant selling pressure.
A strengthening US dollar, supported by expectations of tighter monetary policy, has further dampened investor appetite for riskier assets. Meanwhile, cryptocurrency liquidations surged beyond $1.6 billion, intensifying the market downturn, Walke said.
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Bitcoin is now on track to record its sixth consecutive weekly decline, reflecting persistent bearish sentiment across the cryptocurrency market.
Nischal Shetty, founder of WazirX, said the broader cryptocurrency market was witnessing sustained selling pressure, with sentiment slipping into extreme fear.
According to Shetty's market assessment, Bitcoin was trading near $69,295, down 4.71% over 24 hours, while Ethereum had declined 2.75% to approximately $1,959. Seven-day losses stood at 8.89% for Bitcoin and 12.63% for Ethereum.
The total cryptocurrency market capitalisation was estimated at around $2.33-2.34 trillion, while the spot market registered a 4.82% daily decline. Trading volume stood at approximately $99.5 billion, and the Crypto Fear and Greed Index was at 19, indicating extreme fear among market participants.
Bitcoin finds support near $67,500; analysts flag risk of further fall to $65,000
From a technical perspective, Bitcoin is approaching a crucial support zone, with analysts watching whether the cryptocurrency can hold above its recent lows or extend its decline towards $65,000.
Walke said reclaiming the $71,500 level and sustaining it during a subsequent pullback could indicate improving buying interest and strengthen the possibility of a recovery.
However, a decisive break below the recent low of approximately $67,500 could expose Bitcoin to further losses, with $65,000 emerging as the next key support level, he said.
Shetty said Bitcoin had breached its earlier support range of $70,000-70,500 and was approaching the $68,500-69,000 region. Holding this range could help stabilise prices, while sustained trading below $68,500 would weaken the earlier support structure.
Reclaiming $70,000-70,500 would be the first indication of improving sentiment, followed by the broader recovery range of $71,400-73,000, he said.
Ethereum, meanwhile, has slipped below its earlier support range of $1,980-2,000, which has now turned into an immediate recovery hurdle. Further resistance levels are seen at $2,050-2,120 and $2,150.
ETF outflows show signs of easing
Despite the broader weakness, institutional selling through US spot Bitcoin ETFs showed some signs of moderation.
These funds recorded net outflows of $47.61 million on November 12, substantially lower than the $299.8 million withdrawn in the previous session. Cumulative net inflows into the products stood at $55.05 billion.
Shetty said the slowdown in withdrawals suggested that selling pressure through ETFs had eased, although it was too early to interpret the development as a sustained reversal in sentiment.
He added that futures traders should monitor whether Bitcoin reclaims breached support levels alongside stronger spot-market buying. Open interest and funding rates in the derivatives market would also be important indicators, as rising leverage could amplify volatility in either direction.
The broader outlook remains sensitive to US inflation, bond yields and interest-rate expectations, as well as volatility in technology stocks. Uncertainty surrounding Nvidia and the wider technology sector could spill over into cryptocurrencies through reduced risk appetite, portfolio adjustments and the unwinding of leveraged positions.
However, Shetty cautioned that a rebound in US technology shares would provide only partial support if demand specific to the cryptocurrency market remained weak. He also noted that extreme fear alone does not confirm a market bottom.
Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective Sebi-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here
According to Binance data, Bitcoin was trading at $69,091.85, down 5.09% over the past 24 hours. During the period, the cryptocurrency moved between a high of $72,841.98 and a low of $67,653.07. Its market capitalisation stood at around $1.4 trillion, with 24-hour trading volume at $46.3 billion and circulating supply of 20.1 million BTC.
The latest decline has taken Bitcoin significantly below its all-time high of $126,198.07, recorded on October 7, 2025, highlighting the extent of the correction in the world's largest cryptocurrency.
Institutional outflows from spot Bitcoin exchange-traded funds (ETFs) have emerged as one of the key factors weighing on prices. These funds witnessed five consecutive sessions of net outflows totalling approximately $1.44 billion, indicating sustained capital withdrawal and weakening institutional appetite for the asset.
Selling pressure in the spot market has added to the decline, with intraday net outflows exceeding $65 million during high-volume trading hours, pushing Bitcoin below key technical support levels.
Technical indicators have also turned increasingly bearish. The negative MACD histogram has expanded to -204.4, signalling strengthening downward momentum, while Bitcoin has slipped below the lower Bollinger Band, pointing to heightened selling pressure.
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Piyush Walke, derivatives research analyst at Delta Exchange, said Bitcoin's fall below $70,000 reflected a combination of persistent US inflation, expectations of higher interest rates and institutional selling.
"Bitcoin plunged below the $70,000 mark on Friday, November 13, hitting its lowest level since August as persistent US inflation, expectations of higher interest rates and institutional selling triggered widespread pressure across cryptocurrency markets," Walke said.
He added that Bitcoin fell below $68,000 during early trading, recording an intraday low of approximately $67,500. The weakness also extended to other cryptocurrencies, with Ethereum slipping below $2,000 and major altcoins, including Solana, XRP and BNB, facing significant selling pressure.
A strengthening US dollar, supported by expectations of tighter monetary policy, has further dampened investor appetite for riskier assets. Meanwhile, cryptocurrency liquidations surged beyond $1.6 billion, intensifying the market downturn, Walke said.
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ALSO READ: NSE International Exchange opens UK, France, 5 more European markets to Indian investors
Bitcoin is now on track to record its sixth consecutive weekly decline, reflecting persistent bearish sentiment across the cryptocurrency market.
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Nischal Shetty, founder of WazirX, said the broader cryptocurrency market was witnessing sustained selling pressure, with sentiment slipping into extreme fear.
According to Shetty's market assessment, Bitcoin was trading near $69,295, down 4.71% over 24 hours, while Ethereum had declined 2.75% to approximately $1,959. Seven-day losses stood at 8.89% for Bitcoin and 12.63% for Ethereum.
The total cryptocurrency market capitalisation was estimated at around $2.33-2.34 trillion, while the spot market registered a 4.82% daily decline. Trading volume stood at approximately $99.5 billion, and the Crypto Fear and Greed Index was at 19, indicating extreme fear among market participants.
Bitcoin finds support near $67,500; analysts flag risk of further fall to $65,000
From a technical perspective, Bitcoin is approaching a crucial support zone, with analysts watching whether the cryptocurrency can hold above its recent lows or extend its decline towards $65,000.
Walke said reclaiming the $71,500 level and sustaining it during a subsequent pullback could indicate improving buying interest and strengthen the possibility of a recovery.
However, a decisive break below the recent low of approximately $67,500 could expose Bitcoin to further losses, with $65,000 emerging as the next key support level, he said.
Shetty said Bitcoin had breached its earlier support range of $70,000-70,500 and was approaching the $68,500-69,000 region. Holding this range could help stabilise prices, while sustained trading below $68,500 would weaken the earlier support structure.
Reclaiming $70,000-70,500 would be the first indication of improving sentiment, followed by the broader recovery range of $71,400-73,000, he said.
Ethereum, meanwhile, has slipped below its earlier support range of $1,980-2,000, which has now turned into an immediate recovery hurdle. Further resistance levels are seen at $2,050-2,120 and $2,150.
ETF outflows show signs of easing
Despite the broader weakness, institutional selling through US spot Bitcoin ETFs showed some signs of moderation.
These funds recorded net outflows of $47.61 million on November 12, substantially lower than the $299.8 million withdrawn in the previous session. Cumulative net inflows into the products stood at $55.05 billion.
Shetty said the slowdown in withdrawals suggested that selling pressure through ETFs had eased, although it was too early to interpret the development as a sustained reversal in sentiment.
He added that futures traders should monitor whether Bitcoin reclaims breached support levels alongside stronger spot-market buying. Open interest and funding rates in the derivatives market would also be important indicators, as rising leverage could amplify volatility in either direction.
The broader outlook remains sensitive to US inflation, bond yields and interest-rate expectations, as well as volatility in technology stocks. Uncertainty surrounding Nvidia and the wider technology sector could spill over into cryptocurrencies through reduced risk appetite, portfolio adjustments and the unwinding of leveraged positions.
However, Shetty cautioned that a rebound in US technology shares would provide only partial support if demand specific to the cryptocurrency market remained weak. He also noted that extreme fear alone does not confirm a market bottom.
Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective Sebi-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here
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