Bitcoin fell below $67,000 overnight into Saturday, touching its weakest level in nearly three months as a shrinking pool of dollar-pegged tokens, persistent withdrawals from U.S. spot exchange-traded funds and a wave of forced selling in derivatives markets combined to drain liquidity from crypto trading.
The largest digital asset changed hands at about $66,900 at roughly 4:50 a.m. Central European Time on Saturday, according to CoinGecko data, equivalent to around €60,600. That marked a decline of slightly more than 3% over 24 hours and almost 12% across the week, leaving the token about 47% below the record high of $126,080 set in October 2025.
The move extends a slide that began in earnest in late October. Bitcoin traded at $82,156 on October 16 and at $75,776 on November 8, meaning it has shed 18.5% over the past 30 days. Measured from January 1, when the daily value stood at $87,575, the year-to-date loss comes to just over 23%. The last time the price closed lower was August 19, at $64,686, before a rally carried it above $83,000 in early October.
On the Coinbase exchange, bitcoin briefly traded as low as $66,789 on Friday evening New York time, a level not seen since October 17. The break below the 200-week moving average, which runs near $68,000, has become a focal point for chart watchers.
Note: Prices based on CoinGecko daily closing values in dollars; 30-day and year-to-date comparisons measured against October 16 and January 1, 2026, respectively.
Liquidity Withdrawal
The proximate trigger for Friday's acceleration came from Washington. U.S. producer prices for October rose 6.5% year on year, with the narrower core measure up 4.9%, according to figures reported on November 13. The producer price index tracks how companies' selling prices evolve and is treated as a leading indicator of consumer inflation. A hotter reading raises the odds that the Federal Reserve keeps borrowing costs elevated, which weighs on assets that pay neither interest nor dividends. A firmer dollar compounds the effect by making dollar-denominated bitcoin more expensive for buyers using other currencies.
Beneath the macro headline, analysts point to a steady erosion of the capital available to buy crypto. Glassnode reported on November 11 that the total supply of stablecoins contracted by $14.2 billion over the preceding 30 days, the fastest decline since June 2022. Stablecoins such as USDT and USDC function as the on-chain equivalent of dollars, and a smaller pool of them leaves markets less able to absorb selling. The same research counted $1.6 billion in net outflows from U.S. spot bitcoin ETFs across 20 trading sessions. Those funds are backed by physical bitcoin, so redemptions typically translate into sales of the underlying asset.
Derivatives amplified the move. Roughly $1.3 billion to $1.6 billion of crypto futures were liquidated within 24 hours, depending on when the measurement was taken, with the overwhelming majority of the damage falling on traders who had bet on rising prices. More than 175,000 traders were liquidated in the period. Each forced sale pushes the price lower and can drag the next leveraged position below its collateral threshold, a dynamic traders call a liquidation cascade.
Glassnode's analysis also flagged weakening spot demand: the 30-day average Coinbase bitcoin premium stayed negative, reaching its deepest discount since February, and bitcoin traded below the $75,600 cost basis for short-term holders, with only about 35% of those coins in profit.
Sentiment at Extremes
The alternative.me Fear and Greed Index stood at 13 on Saturday, down from 20 on Friday, 28 on Thursday and 29 on Wednesday. Readings below 25 are classified as extreme fear. The gauge, which blends volatility, trading volume, market dominance and other inputs, describes how the market is trading in the moment rather than forecasting direction.
Broader market data showed the damage was not confined to bitcoin. Ether briefly slipped below $2,000 during Friday's session and traded at $1,950.60, down 4.46% over 24 hours, according to CoinGecko data timestamped 11:13 UTC on November 13. BNB fell 4.69% to $638.75, XRP dropped 2.82% to $1.018 and Solana declined 3.06% to $80.37. Binance Research reported that total crypto market capitalization fell 9.1% in October to $2.70 trillion, citing hotter inflation, rising expectations of a December rate increase and weakness in technology stocks tied to AI spending and debt concerns.
One countervailing signal emerged from on-chain data. Wallets holding between 100 and 10,000 bitcoin, a cohort that includes large private investors, funds and companies, have been accumulating during the downturn, even as smaller and larger holders reduced positions. Analysts cautioned that the pattern does not confirm a market bottom, since broader liquidity measures remain uncertain.
Levels in Focus
With Wall Street closed for the weekend, bitcoin is trading without the twin anchors of equity market direction and daily ETF flows, both of which return on Monday. Order books thin out in that environment, meaning smaller sales can move prices more sharply in either direction.
On the downside, €60,000, or about $66,100, sits roughly 1% below Saturday's level; the last close beneath it came on August 20, at €59,353. Below that lies the August 19 daily value of $64,686, followed by the July 1 low of $58,566, the most important threshold on a yearly view. A break there would put bitcoin at its weakest in more than a year. In euro terms, the 12-month low is €51,474, also from July 1.
To the upside, the first hurdle is the 200-week line near $68,000, which bitcoin broke on Friday. Above that sit the round $70,000 mark and the 200-day average around $73,000. The 50-day average, near $80,200, remains far out of reach.
Round numbers carry no fundamental significance, but retail orders and stop instructions tend to cluster around them, and a triggered cluster can accelerate a decline faster than the underlying news flow would suggest. For European traders, the regulatory backdrop has also shifted: since the MiCA framework took effect, platforms that trade or hold crypto assets for EU customers must hold authorization as a crypto-asset service provider, a status recorded in the public register maintained by the European Securities and Markets Authority.
Market participants are watching whether stablecoin supply keeps contracting, whether ETF outflows persist and whether spot demand recovers, alongside the pace of liquidations. Those indicators may show whether the market is still losing liquidity or whether the pressure is easing; they do not signal when prices will turn.
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