The Bitcoin price drop on Friday 13 November took BTC to $67,555 on Coinbase, its lowest level since August. By midday in New York it was trading near $68,760, down about 4% on the day, with $1.31 billion in leveraged positions wiped out in 24 hours. Here is what happened, why it happened and which levels traders are watching.
The Bitcoin price drop at a glance
- Bitcoin: about $68,760, down 4.1% in 24 hours and 9.4% over seven days.
- Day low: $67,555, the lowest since August.
- From the all-time high: down 45.5% from $126,198, set on 6 October 2025.
- Ethereum: about $1,931, down 3.7% on the day and 21.1% over 30 days.
- Total crypto market value: about $2.32 trillion.
- Fear and Greed Index: 20, “Extreme Fear”, the lowest since 8 July. It was 28 the day before and 62 a month ago.
What happened overnight
Bitcoin traded around $70,884 on Thursday evening in New York, then fell to $67,555 between about 9 p.m. Thursday and 1 a.m. Friday. Forced selling made the fall faster than it would have been on ordinary selling alone.
Liquidations, per CoinGlass:
| Measure | Amount |
|---|---|
| Total liquidated in 24 hours | $1.31 billion |
| Long positions | $1.09 billion |
| Short positions | $217 million |
| Traders affected | 159,481 |
| Bitcoin’s share | $741 million, about 92% of it longs |
Other outlets reported totals between $1.41 billion and $1.64 billion. The differences come from the time window each one measured. Use one source and one window when you compare.
Why crypto is falling
No single cause explains the move, but several pressures lined up:
- A liquidation cascade. When leveraged longs hit their liquidation prices, exchanges sell the positions automatically. That selling pushes price lower and triggers the next group of longs.
- Rate worries. Hotter US inflation has lifted bets on a December Fed rate hike, which tends to weigh on assets that pay no yield. We covered the numbers in our CPI post.
- ETF outflows. US spot Bitcoin ETFs had $299.8 million in net outflows on 11 November, the fifth straight day of withdrawals. BlackRock’s IBIT accounted for $269.7 million of it. Spot Ether ETFs lost $144.8 million the same day. Bitcoin ETFs lost $1.28 billion over the week to 6 November, according to Crypto Times.
- Weak equities. The S&P 500 was lower on the day while gold edged up, according to TokenPost.
The PPI inflation report was due on Friday. The previous month’s producer prices had risen 1.3% against a 0.6% forecast, so traders were watching it closely.
Bitcoin levels traders are watching
| Level | What it is |
|---|---|
| $73,081 | 200-day moving average, resistance. Bitcoin would need to reclaim it to change the outlook |
| $67,752 | 200-week moving average, briefly broken by the $67,555 low |
| $64,111 | Low of 19 August 2026 |
| $60,074 | Low of 6 February 2026 |
| $57,748 | 2026 low, set on 1 July |
The 200-week moving average is a long-term trend line that Bitcoin has often reacted to in past downturns. A brief break below it is not the same as a confirmed breakdown, and a close below it on higher volume would be a stronger signal. Treat these as reference points, not predictions.
What else is worth noting
- Negative funding rates. Short sellers are paying longs on perpetual futures, which shows traders are leaning bearish. Heavy shorting can also set up a sharp bounce if price turns.
- Exchange outflows. TokenPost reported net outflows of 2,335 BTC from exchanges, which it calls a mixed signal. Coins leaving exchanges can mean holders are moving to storage, but it doesn’t confirm a bottom.
- Friday the 13th. Bitcoin has closed lower on only 3 of 22 Friday the 13ths since 2014, according to CryptoTicker, so the date itself tells you nothing.
What to watch next
- The PPI report and the next Fed signals on a December hike.
- ETF flow data. A turn from outflows to inflows would be the first sign of demand returning.
- Whether Bitcoin holds above the $64,000 area or retests the $60,000 low.
- The Fear and Greed Index. Extreme readings have often come near short-term lows, though not always.
Risk reminder
Crypto is volatile and leveraged positions can be wiped out in minutes. If you trade with leverage, size your positions so a move like this one doesn’t end the account, and check any prop firm rules on crypto trading before you start.
FAQ
Why did Bitcoin drop on 13 November? A liquidation cascade pushed it from about $70,900 to $67,555 overnight, on top of rate-hike worries, ETF outflows and weaker equities.
What is a liquidation? When a leveraged trade loses enough that the exchange closes it automatically to stop further losses. Many liquidations at once can speed up a fall.
What is the 200-week moving average? The average closing price of the past 200 weeks, a long-term trend line traders use as a reference for major support.
Is Bitcoin going to $60,000? Nobody can know. The $60,074 February low is the next major level on the chart, but price can bounce or fall for reasons that haven’t happened yet.
What does Extreme Fear mean? It means the Fear and Greed Index is at 20, a reading that reflects heavy selling, volatility and negative sentiment. It is a sentiment gauge, not a buy signal.
This article is for information only and is not financial advice. Cryptocurrency prices are highly volatile and you can lose all of your capital.