Bitcoin fell below the $70,000 mark on Friday and was on course for a weekly loss of almost 10%, a retreat that has erased the gains the largest cryptocurrency had piled up since its early-October breakout above $85,000.
The token changed hands near $68,500 in recent trading after touching an intraday low of $67,640, its weakest level since August. That put it below a dense cluster of trend measures, including its 7-day, 20-day, 50-day and 12/26-day exponential moving averages, and just under the lower Bollinger band at $70,572.30. Ethereum, the second-largest digital asset by market value, also continued to weaken, trading beneath $2,000 after shedding about 8% over the week.
The pullback has been accompanied by steady withdrawals from U.S.-listed spot Bitcoin ETFs, one of the most closely watched gauges of institutional demand. Roughly a dozen funds have seen about $1.44 billion leave over the past five trading sessions, according to market data cited in the coverage.
Note: Figures reflect trading through Friday, Nov. 13.
The selling intensified after Binance disclosed on Oct. 30 that a coordinated hack of its platform had drained $6.3 billion in digital assets. That breach has weighed heavily on sentiment across crypto markets and is widely viewed as the trigger for the latest leg lower, with investors already turning more risk-averse as stock-market volatility persisted.
Technical analysts are divided on whether the slide has run its course. Bitcoin's retest of its 200-week simple moving average, a long-term trend line that has historically marked bear-market floors, has drawn buyers who see the asset as deeply oversold. The daily relative strength index has slipped below 30, a threshold it last breached during the depths of the previous bear market when the price found its first bottom near $60,000. The stochastic RSI sits at the bottom of its range, pointing higher.
Others are less convinced. The MACD remains negative at -2462.80, and the moving-average stack is still bearish, suggesting momentum has yet to turn. A daily average true range of $2,479.83 leaves room for sharp swings in either direction without a fresh catalyst. Binance spot volume of $1.93 billion confirms active participation but is not extreme relative to the size of the move, pointing to a repricing rather than a disorderly washout.
Derivatives are offering little signal either way. Binance futures funding stands at 0.0100%, effectively neutral, which argues against a heavily crowded long position in the futures book.
The levels that matter now are clearly drawn. On the upside, Bitcoin would need to reclaim a pivot at $70,134.73, then clear resistance at $72,701.46 and the 7-day average at $73,499.72 to signal that the selloff is losing force. A stronger rebound would bring the 20-day average at $76,752.93 into play. On the downside, immediate support sits at $66,572.60, with stronger support at $64,005.87 and the bull-market trendline near $65,750.
Some market watchers have raised the prospect of a return to the "crypto winter" that set in during October 2025, a period investors had hoped had ended this summer. Bitcoin hit an all-time high of $126,000 a year ago and is now roughly 45% below that peak, though it remains up about 9% over the past 12 weeks.
For investors, the coming sessions hinge on whether the $66,000-$67,000 zone holds. A break below it would deepen the reset and put the $64,000 area in focus; a recovery through $70,000 and then the $72,700-$73,500 band would be the first meaningful sign that the oversold bounce has legs. Historical patterns offer a caution of their own: past major pullbacks in this cycle were not resolved by V-shaped recoveries but by extended sideways chop, which would give weekly momentum indicators the time they need to reach their lower limits before any sustained advance could begin.
