Bitcoin Extends Losses Below $70K as Crypto Liquidations Exceed $1.6B

Bitcoin extends losses on November 13, falling below $70,000 for the first time since August as mounting macroeconomic concerns and a strengthening US dollar intensified selling pressure across the cryptocurrency market. The sharp decline triggered more than $1.6 billion in liquidations, leaving leveraged traders facing substantial losses.

Bitcoin (BTC) briefly dropped to $67,770, its lowest price since August 19. Ethereum (ETH) also came under heavy pressure, touching $1,900 for the first time since August 18.

Stronger US Dollar and Rate Hike Expectations Weigh on Bitcoin

Macroeconomic uncertainty remains one of the biggest challenges facing cryptocurrency markets. The US Dollar Index climbed above 103, reaching its highest level since April 2025 as investors reassessed the Federal Reserve’s interest rate outlook following hotter-than-expected inflation data.

CME FedWatch figures showed that traders were assigning an 88% probability to a 25-basis-point rate increase at the Fed’s December meeting. Expectations of a larger, 50-basis-point increase accounted for the remaining 12%.

The prospect of higher borrowing costs has created additional pressure on risk-sensitive assets. As interest rates rise, traditional investments offering more attractive yields can draw capital away from cryptocurrencies, while a stronger dollar can make dollar-denominated assets less appealing to international investors.

Weakness across technology stocks added to the negative market environment. Nvidia shares reportedly fell approximately 4% amid developments involving Nvidia CEO Jensen Huang, reinforcing concerns about the broader technology sector. Bitcoin’s sensitivity to movements in risk assets has made it particularly vulnerable to renewed selling pressure in equities.

Crypto Liquidations Climb Above $1.6 Billion as Long Positions Collapse

Bitcoin’s rapid decline triggered a significant wave of forced closures across derivatives markets. Data from CoinGlass showed that approximately $1.64 billion in cryptocurrency positions were liquidated within 24 hours, with bullish traders bearing most of the losses.

Long positions accounted for nearly 89% of the total liquidations. Bitcoin-related forced closures reached approximately $916 million, of which 95.2% involved traders betting on higher prices. Ethereum recorded another $289 million in liquidations, with long positions representing 89.5% of that amount.

The largest individual liquidation involved a Bitcoin long position worth approximately $31.1 million on Hyperliquid.

Trading activity also accelerated as investors adjusted their exposure. Crypto futures volume increased 58.3% to $269.1 billion, while total open interest declined 4.6% to $120.2 billion.

The combination of higher trading volume and falling open interest points to widespread position closures as traders reduced leverage during the sell-off. Forced liquidations can further intensify downward movements because positions are automatically closed when traders can no longer meet their margin requirements.

Bitcoin ETF Withdrawals Extend to Six Consecutive Sessions

Institutional investment flows are providing another indication of weakening demand. US spot Bitcoin exchange-traded funds recorded approximately $47.7 million in net outflows on Thursday, marking their sixth consecutive session of withdrawals.

Sustained withdrawals suggest that some institutional investors are reducing their exposure as market conditions deteriorate. Although ETF flows do not determine Bitcoin’s price direction on their own, continued redemptions can add to selling pressure, particularly when broader investor sentiment is already weak.

Attention is now shifting toward additional US economic indicators. October producer price data was expected on November 13, with economists forecasting a monthly increase of 0.4%. The Federal Reserve’s December 8–9 meeting will also remain a key event for investors assessing the potential direction of monetary policy.

Can Bitcoin Recover Above $70K?

Bitcoin’s move below $70,000 has weakened its short-term market structure and placed the recent low of $67,770 firmly in focus. A further decline below that level could expose the cryptocurrency to additional selling, particularly if leveraged positions continue to unwind.

On the upside, reclaiming $70,000 would represent an important initial step toward stabilizing the market. However, a sustained recovery may prove difficult while ETF outflows remain elevated and expectations of tighter monetary policy continue to weigh on risk assets.

The coming sessions could therefore be decisive in determining whether Bitcoin can attract enough buying interest to recover or whether continued macroeconomic pressure will push prices lower.

Do you think Bitcoin can reclaim $70,000, or is another decline becoming more likely?

Will persistent ETF withdrawals and rising interest rate expectations trigger a deeper correction across the cryptocurrency market?