Bitcoin Falls Below $69K as Traders Brace for a Deeper Crash

Bitcoin Price Drops to $67,568 as Long Liquidations Surge and Extreme Fear Deepens

Bitcoin news: BTC plunged to $67,568 as leveraged long positions faced heavy liquidations. Market sentiment has reached Extreme Fear, but historical data shows Bitcoin continued declining after 15 of 16 similar readings.

On Friday, November 13, Bitcoin’s USD price dropped to $67,568 on Binance as a surge in forced selling erased leveraged bets on a recovery. The decline pushed the cryptocurrency to its lowest level since August 19.

Bitcoin is currently trading at $68,772, down 6.7% over the past 24 hours and 9.1% over the week. Ether declined 5.5%, while Solana fell 3.4% during the day.

Liquidations accounted for much of the sell-off. These occur when exchanges automatically close leveraged positions after traders’ collateral is no longer sufficient to cover their losses. CoinGlass data referenced by multiple media outlets showed approximately $1.4 billion in liquidations over 24 hours, with nearly 90% coming from long positions betting on higher prices. The forced selling drove Bitcoin below $70,000 in roughly two hours overnight.

Market sentiment deteriorated alongside prices. The Crypto Fear & Greed Index slipped from 28 to 20 on Friday, marking its first Extreme Fear reading since July.

The focus in Bitcoin news this week has shifted from how fearful investors have become to whether Extreme Fear signals that a market bottom is approaching, and what the daily and weekly charts indicate.

Liquidation Cascade: Overnight Sell-Off Hit Longs 11 Times Harder

The downturn began Thursday afternoon following news that Nvidia CEO Jensen Huang had resigned. Selling accelerated after midnight UTC as Bitcoin broke beneath Tuesday’s $72,727 low and continued sliding.

We aggregated forced closures across Bitcoin, Ethereum, Solana, XRP and Dogecoin futures on OKX, one of the largest cryptocurrency exchanges, during the previous 24 hours.

• Long positions lost $125.5 million.
• Short positions lost $11.2 million, meaning long traders suffered approximately 11 times the losses of short traders.
• Bitcoin accounted for $76.7 million in liquidated longs, primarily across two major waves. The first occurred at 14:00 UTC on Thursday following the Nvidia announcement. The second came at 03:00 UTC on Friday as BTC dropped below $69,000.
• Ethereum recorded $33.6 million in liquidated long positions, the second-largest amount.

U.S. spot Bitcoin ETFs have also continued experiencing capital outflows. These investment products purchase and hold Bitcoin directly, and persistent withdrawals have added further pressure to the market.

EXPLORE: Bitcoin Price Crashes to $72,700 as Leveraged Traders Buy the Dip: Is the Bottom In?

Bitcoin Futures Market Signals: Two Potential Bottom Indicators Emerge

On Thursday, we identified three potential indicators of a market bottom: the Fear & Greed Index moving toward the teens, funding rates turning negative and open interest declining as leveraged longs exit their positions. Two of these signals appeared overnight.

Funding rates turned negative: The funding rate, which helps keep futures prices aligned with spot markets, fell to -0.0064% on OKX at 08:00 UTC. Short traders are now paying long traders, marking the first such occurrence since November 7.

Open interest declined: The total value of outstanding Bitcoin futures contracts on OKX dropped from $3.86 billion late Thursday to $3.46 billion, representing a 10% reduction within a few hours.

Fear reached 20: The index has moved closer to the teens, although it remains above the readings of 9 and 11 recorded at Bitcoin’s February and July lows this year.

However, one indicator remains bearish. OKX data shows 3.19 accounts holding long positions for every account with a short position, roughly unchanged from before the crash. This suggests traders are still attempting to buy the dip using leverage.

Market Intelligence: Crypto Analyst Predicts Best New Crypto to Hodl

Extreme Fear Has Rarely Coincided With Bitcoin’s Exact Bottom

Extreme Fear is often interpreted as a potential buying opportunity, but historical performance suggests it frequently appears before Bitcoin reaches its final low.

We examined every instance since 2018 in which the index first fell to 20 or below following at least a month without such a reading. The analysis identified 16 occurrences, with Bitcoin’s performance tracked over the subsequent 90 days.

• Bitcoin declined further in 15 of the 16 cases. The median additional drop was 23.2%, while the eventual low arrived after a median of 44 days.
• A bottom formed within seven days in only three instances: August 2018, March 2020 and September 2021.
• After 90 days, Bitcoin was trading higher in seven of the 16 cases, with the median return standing at -4.4%.

The latest historical example follows a similar pattern. Extreme Fear first emerged on June 3 when Bitcoin traded at $64,014. The cryptocurrency subsequently fell another 8.5%, reaching a low of $57,800 on July 1. It later recovered and climbed to $87,396 in September.

For traders interpreting this Bitcoin news as a potential buying signal, Extreme Fear suggests the market bottom could be approaching. However, historical data rarely confirms that the low has already been reached. A decline toward the 2026 lows would be consistent with the median historical trajectory.

Bitcoin Price Analysis: Daily Chart Levels to Watch

On the daily timeframe, each candlestick represents one trading day. Bitcoin is trading significantly below both exponential moving averages (EMAs), which assign greater weight to recent price movements.

The 50-day EMA currently stands at $78,226, while the 200-day EMA is positioned at $76,325.

Resistance levels:

• $72,727: Tuesday’s previous low, which could now act as a ceiling for recovery attempts.
• $76,325: The 200-day EMA, representing another major resistance level.

Support levels:

• $67,568: Friday’s intraday low.
• $64,166: The double-bottom level established on August 7 and August 19.
• $62,535: The August 14 low.

Bitcoin News: Weekly Chart Approaches a Critical 2026 Bottom Level

On the weekly timeframe, where each candle represents a full week, Bitcoin is testing the 200-week EMA at $69,555. The cryptocurrency is currently trading slightly below this level, with the weekly candle set to close on Sunday.

This moving average has played a significant role in Bitcoin’s recent market structure. BTC closed below the 200-week EMA for 16 weeks during 2026, including periods in February and March and again from June through mid-August. Both major market bottoms this year developed during those periods.

Resistance levels:

• $69,555: The 200-week EMA.
• $78,053: The 50-week EMA.

Support levels:

• $65,000: The March low.
• $60,000: The February low.
• $57,800: The July bottom.

The overnight sell-off has triggered some of the conditions often associated with a market bottom, including a reduction in leverage and negative funding rates.

For traders following Bitcoin news, the upcoming Sunday weekly close relative to $69,555 will be a crucial level to monitor. Historical patterns suggest Bitcoin’s ultimate low can emerge several weeks after the initial Extreme Fear signal.

Market Intelligence: Crypto Analyst Reveals Upcoming Binance Listings

About The Author