Bitcoin price has fallen below $70,000 for the first time since August, dropping more than 6% as a stronger US dollar, renewed technology stock selling and over $1.2 billion in crypto liquidations weighed on the market.
Summary
- Bitcoin price fell below $70,000 as the US dollar approached its highest level since 2025.
- Nvidia CEO Jensen Huang’s resignation coincided with renewed selling across technology stocks and cryptocurrency markets.
- Bitcoin traders suffered approximately $677 million in liquidations, with long positions accounting for most losses.
- US spot Bitcoin ETFs recorded $299.8 million in withdrawals on November 11, led by BlackRock.
According to crypto.news market data, Bitcoin (BTC) traded near $68,750 early Friday, November 13, after briefly falling to nearly $68,500 on Binance. Ethereum slipped below $2,000, while XRP approached $1 and Solana traded below $80.
Meanwhile, the decline followed Nvidia CEO Jensen Huang’s resignation, continued withdrawals from US spot Bitcoin exchange-traded funds and fresh geopolitical concerns involving Iran and Bahrain. Bitcoin price has lost roughly 45% from its October 2025 record of $126,198.
Why is Bitcoin price crashing today?
Selling pressure intensified as investors responded to a stronger dollar and growing expectations that the Federal Reserve could raise interest rates again in December.
The US Dollar Index climbed above 103 on Thursday, reaching its highest level in approximately 19 months. Treasury yields moved higher after stronger-than-expected inflation figures raised expectations of further monetary tightening.
Higher interest rates can make cash and interest-bearing investments more attractive relative to assets such as Bitcoin, which does not pay interest.
Technology stocks faced separate pressure after Nvidia confirmed that Jensen Huang had resigned as chief executive and board member. Chief Financial Officer Colette Kress took over as interim CEO.
Nvidia shares fell following the announcement, while concerns about the company’s leadership weighed on sentiment toward technology and AI-related investments.
As previously reported by crypto.news, Bitcoin had already slipped below $73,000 on November 12 as Nvidia’s leadership crisis unfolded.
Investors were watching another development involving Strategy, the largest publicly traded corporate Bitcoin holder.
MSCI confirmed changes to its equity indexes that will take effect after November 30, including the removal of Strategy.
The planned removal could force passive investment funds tracking those indexes to sell Strategy shares. However, the index decision does not directly require Strategy to sell its Bitcoin holdings.
Bitcoin liquidations exceed $677M
The selloff triggered substantial losses in cryptocurrency futures markets, particularly among traders who had borrowed funds to bet on rising prices.
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, including approximately $653.5 million in long positions and $24.1 million in shorts.
Long positions represented more than 96% of Bitcoin’s liquidations, showing how heavily the decline affected traders expecting prices to recover.
The largest reported single liquidation was a BTC-USD position worth $31.09 million on Hyperliquid.
Liquidations occur when exchanges automatically close leveraged positions after losses reduce the collateral supporting them below required levels.
Forced closures can add selling pressure while prices are falling, particularly when several leveraged positions reach their liquidation thresholds around the same price.
Institutional demand has remained weak. Farside Investors data showed that US spot Bitcoin ETFs recorded $299.8 million in net withdrawals on November 11.
BlackRock’s IBIT accounted for $269.7 million of those outflows, bringing the total withdrawals across five consecutive trading sessions to approximately $1.44 billion.
Middle East tensions
Geopolitical concerns emerged early Friday after Iran’s Islamic Revolutionary Guard Corps claimed it had attacked a US early-warning radar installation in Bahrain.
The Iranian military said the operation followed an alleged air attack on a telecommunications tower in Sirik, southern Iran.
Iranian state media described the attack as retaliation, although US and Bahraini authorities had not immediately confirmed the reported damage.
The announcement came amid continuing tensions over military operations and shipping through the Strait of Hormuz.
Oil prices did not immediately record a comparable surge, with West Texas Intermediate crude trading near $88 per barrel during the reported developments.
Bitcoin price prediction as analyst Doctor Profit remains bullish
Bitcoin’s daily chart shows BTC trading near $68,750 after falling from an opening price of $71,460 to a low of $68,500. The decline continues a pattern of lower highs and lower lows, with Bitcoin losing the $75,000 and $70,000 levels.
Despite the latest drop, crypto analyst Doctor Profit maintained his bullish outlook in a November 13 post on X. He argued that Bitcoin’s recent correction had not erased its recovery from the $60,000 lows.
“Ignore the noise. I remain insanely bullish on Bitcoin,” he wrote.
The analyst said he continued to hold spot Bitcoin positions entered around $60,000 and leveraged long positions from $80,000. He maintained that investors waiting for another decline toward previous lows could miss a potential recovery.
However, the technical picture remains weak. Bitcoin’s Chande Momentum Oscillator stood at -88.53, pointing to strong negative momentum and an oversold reading on the daily chart.
Immediate support lies between $68,500 and $69,000. A sustained break below that range could expose the $65,000 level, while a recovery above $70,000 would bring resistance between $71,000 and $71,500 into focus.
Further resistance stands at $72,727 and $74,811. Bitcoin would need to reclaim those levels to challenge the recent pattern of lower highs.
Ultimately, the next available Bitcoin ETF flow figures and upcoming US inflation data could provide further evidence of institutional demand and expectations for Federal Reserve policy.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.