Bitcoin Price Sinks Below $70K as Crypto Sentiment Weakens
Leveraged traders faced more than $1.2 billion in forced sales as a stronger dollar, tech-stock weakness and ETF outflows pressured the market.
- Bitcoin traded near $68,750 on Friday, November 13, after dropping below $70,000 for the first time since August. Prices slipped outside the lower Bollinger Band, marking a significant technical breakdown.
- Strengthening Dollar Index climbed above 103 on Thursday, reaching its highest level in approximately 19 months, while inflation expectations raised concerns of monetary tightening. Nvidia CEO Jensen Huang's resignation compounded selling pressure across technology stocks.
- According to CoinGlass liquidation data, cryptocurrency exchanges liquidated approximately $1.23 billion in leveraged positions over 24 hours, affecting more than 151,000 traders. Bitcoin accounted for roughly $677.5 million, with long positions representing more than 96% of total liquidations.
- The IRGC claimed it attacked an early-warning radar in Bahrain, while Bitcoin ETFs recorded $299.8 million in net withdrawals on November 11. Geopolitical tensions and institutional outflows combined to intensify selling pressure.
- Analyst Doctor Profit maintained a bullish outlook on November 13, arguing the correction had not erased Bitcoin's recovery from $60,000 lows. However, prices remained below key 20-week and 50-week moving averages, which continue to act as overhead resistance.
32 Articles
32 Articles
Bitcoin fell below $70,000 for the first time since August. Spot Bitcoin ETFs in the US experienced outflows for five consecutive trading days, with total withdrawals in November approaching $2 billion. Expectations of a US interest rate hike also increased pressure on the price.
During the bidding process, the cost of bitcoin fell below $70,000 for the first time since 20 August. 2.18 per cent of the morning of the Bitcoin was reduced to $69,900 and then slowed down the fall to $66.01,000. At the same time, the Ethereum lost 1.8 per cent to 1983.44 dollars. According to the Coinglass site, over the past 24 hours the world's cryptobiers had eliminated positions of 125.76,000 traders totalling $901.89 million. About $772 …
Bitcoin falls below $72,000 as $70,000 comes into focus
Bitcoin has fallen below $72,000 on Nov. 12, losing another layer of support as its daily chart shows prices slipping outside the lower Bollinger Band and its weekly recovery continues to unravel. TradingView’s Binance BTC/USDT chart showed an intraday low…
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