In mid-November 2026, Bitcoin did what it does best: unsettle confident people. The asset fell more than 12-14% in a single week, reaching a range between $62,112 and $65,000 on November 14.
Prices are now at their lowest since August 2026. For anyone who bought near the top, the losses are real and increasingly hard to ignore.
The latest leg down has less to do with one dramatic headline than with pressure building from several directions at once. A stronger US dollar, speculation about a Federal Reserve rate hike in December and continued outflows from spot ETFs all weighed on the market in the same week.
How the week unraveled
The first crack came when Bitcoin fell below $70,000. From there, it moved toward its 200-week moving average, which stood around $67,800–$68,000.
Bitcoin did not stay above that level for long. A move toward the low-$60,000s turned a technical test into a major stress event.
Leverage made matters worse. Approximately $1.2 billion in leveraged long positions were liquidated across November 13-14, all within a 24-hour period.
Long positions made up more than 80-90% of total liquidations during that period. In other words, the market was crowded with traders betting on higher prices, and exchanges automatically closed their positions as their collateral evaporated.
The research identifies newer buyers as the hardest hit. These participants entered at higher prices and had the smallest cushion when the floor gave way.
The ETF bid went missing
US spot Bitcoin ETFs were already seeing outflows before the sharpest decline. Net outflows totaled approximately $1.91 billion from November 5 through November 13, across seven consecutive trading days.
Withdrawals ranged from $185–300 million in several of those sessions. That is a significant amount for products expected to provide a steady institutional bid beneath the market.
Seven consecutive days of outflows suggest that at least some allocators had run short on patience well before the liquidation cascade began. The selloff did not create the anxiety, but exposed it.
The bigger picture
The broader figures are even starker: Bitcoin is down more than 20% since late October 2026.
Bitcoin is also nearly 47% below its October 2025 all-time high of approximately $126,000. Roughly a year after the peak, holders who bought during the euphoria are looking at a price that has nearly been cut in half.
Sentiment fell along with prices. Market mood shifted to “extreme fear”, and losses spread beyond Bitcoin, with Ethereum and other major assets also posting significant declines.
What this means for investors
The first indicator to watch is the 200-week moving average. Whether Bitcoin can reclaim the $67,800–$68,000 range or continues trading below it will shape how traders interpret the next few weeks.
The second indicator is ETF flows. Seven consecutive days of outflows totaling approximately $1.91 billion established a pattern. A return to inflows would signal that institutional buyers see value at these levels. More days of outflows would suggest the opposite.
The third factor is the Federal Reserve. As speculation builds around a December rate decision, any signal from policymakers could move the dollar, which has been one of the clearest drivers of this selloff.
The liquidation figures also offer a structural lesson. When more than 80-90% of liquidations fall on one side of the trade, it shows how lopsided positioning had become.
