Bitcoin experienced a sharp decline in mid-November 2026, falling more than 12-14% in a single week and touching a range between $62,112 and $65,000 on November 14. This marked the asset's weakest levels since August 2026.
Pressures from Multiple Directions
The selloff resulted from several converging factors rather than a single catalyst. A stronger US dollar, speculation about a December Federal Reserve rate hike, and steady outflows from spot ETFs all pressured the market simultaneously.
Bitcoin initially slipped below $70,000 before drifting toward its 200-week moving average around $67,800–$68,000. The break below this technical level accelerated selling momentum toward the low-$60,000s.
Liquidation Cascade
Leverage amplified the decline. Approximately $1.2 billion in leveraged long positions were liquidated across November 13-14 within a 24-hour window. Longs accounted for more than 80-90% of total liquidations during that period, indicating the market had become heavily skewed toward traders betting on higher prices.
Research indicated that newer buyers suffered the most significant losses, as they had entered at higher prices and maintained minimal collateral cushions when prices fell.
Institutional Outflows Precede the Decline
US spot Bitcoin ETFs showed weakness before the sharpest price decline. Net outflows totaled approximately $1.91 billion between November 5 and November 13 across seven consecutive trading days. Individual sessions saw withdrawals ranging from $185–300 million.
This pattern of withdrawals suggested institutional allocators' patience had worn thin before the liquidation cascade, with the selloff exposing existing nervousness rather than creating it.
Broader Downturn
Bitcoin declined more than 20% since late October 2026 and sits nearly 47% below its October 2025 all-time high of approximately $126,000. Market sentiment shifted to extreme fear, with Ethereum and other major assets posting significant declines.
Key Metrics to Monitor
The 200-week moving average around $67,800–$68,000 represents a critical technical level. A sustained break below or recovery above this zone will influence trader sentiment for the following weeks.
ETF flows provide another signal. A reversal to inflows would suggest institutional buyers perceive value at current levels, while continued outflows would indicate ongoing weakness.
Federal Reserve policy announcements represent the third factor to watch, particularly around December rate decisions, given the dollar's influence on Bitcoin's recent performance.
