Bitcoin fell about 14% over the past week, trading near $65,200 on Saturday morning after dipping to around $65,000, according to Bitcoin Magazine Pro data. The decline broke below Friday’s low of about $67,555 and reached its weakest level since mid-August. Weekend trading extended a selloff that has followed a stronger dollar and a December Federal Reserve rate hike that traders have fully priced in.
A week earlier, on Nov. 7, bitcoin was trading near $75,750. The decline accelerated after Nvidia chief executive Jensen Huang resigned on Thursday. The shake-up sent AI stocks lower, which could potentially have contributed to bitcoin falling below $72,000. Bitcoin slipped toward $71,000 by Thursday evening, then dropped to about $67,555 around midnight Eastern time Friday, its lowest level since August, before recovering toward $69,800 in the morning.
A brief rise above $70,000 after the producer-price report soon faded. Bitcoin spent Friday afternoon below $70,000, near $68,900.
Selling picked up again Friday evening, pushing bitcoin into the mid-$66,000s. It briefly steadied overnight near $67,000, then fell again after 8 a.m. ET Saturday. It reached a low of $65,500 during the 10 a.m. hour, breaking below Friday’s trough.
A stronger dollar and higher yields continue to weigh on bitcoin
The Labor Department reported Friday that the Producer Price Index for final demand rose 0.3% in October, below economists’ expected increase of 0.4%. On an unadjusted basis, the index was up 6.5% from a year earlier, its largest 12-month increase since November 2022. The slightly cooler monthly reading briefly pushed bitcoin above $70,000.
Bond traders were not persuaded. The 10-year Treasury yield reached 5.17% on Friday, its highest in four weeks, and closed at 5.15%. The U.S. dollar index remained at a 19-month high, its strongest level since April 2025. Boston Fed President Susan Collins said Friday that “soon, some additional tightening of Fed monetary policy may be appropriate,” and San Francisco Fed President Mary Daly said policymakers will, “in all likelihood, raise interest rates.” Higher rates increase the cost of holding an asset that pays no interest. A stronger dollar has also weighed on bitcoin for much of November. CME FedWatch data show traders have fully priced in a quarter-point hike at the Fed’s Dec. 8-9 meeting.
Chip stocks offered little support. The iShares Semiconductor ETF lost more than 3% on Friday, while Advanced Micro Devices fell more than 8%. The Nasdaq 100 closed down 1.22%. U.S. stock and bond markets are closed Saturday, but those levels continue to shape the weekend session. Nvidia is scheduled to report third-quarter results Tuesday under interim CEO Colette Kress, marking the first earnings release since Huang stepped down.
ETF outflows continue as mining difficulty declines
Spot bitcoin ETFs have not made up the shortfall in demand. BlackRock’s iShares Bitcoin Trust (IBIT) lost $2 billion during nine consecutive days of outflows through Wednesday. The funds then recorded a sixth straight day of net outflows on Thursday. Weekend trading is usually thinner, making bitcoin more vulnerable to sharp moves in either direction.
Miners received some relief overnight. Bitcoin’s mining difficulty fell 9.13% at 12:02 a.m. ET Saturday, at block 975,744. It dropped from about 148.36 trillion to 134.82 trillion, the biggest reduction since June. Difficulty automatically adjusts every 2,016 blocks to keep average block times close to 10 minutes.
The next tests for bitcoin are approaching quickly. Traders will watch to see whether Saturday’s drop remains below Friday’s $67,555 low, and whether Nvidia’s Tuesday report extends the chip-stock weakness that has tracked bitcoin lower throughout the week. With a December rate hike fully priced in and the dollar at a 19-month high, another rise in yields when markets reopen could add to the pressure.
At the time of writing, bitcoin is trading near $65,100.
This post, Bitcoin Price Falls 14% in a Week to $65,000 as Weekend Selling Breaks Friday’s Low, first appeared on Bitcoin Magazine. It was written by Micah Zimmerman.
