Bitcoin fell below $67,000 today, after dropping through the $75,500 level and reaching a low of $66,456. It is now down nearly 12% this week. The decline has triggered $663.83 million in liquidations, including $533.56 million from long traders.
Coinbase Institutional has offered an explanation for Bitcoin’s ongoing price decline.
Here’s what it says.
Fed Rate Hike Concerns Weigh on Bitcoin
In its weekly report, Coinbase Institutional said Bitcoin’s recent decline was driven more by shifting expectations for Fed rates than by the Binance hack. The report said the larger challenge for Bitcoin stems from the macroeconomic environment.
October CPI rose 0.4% month over month, while core CPI increased 0.3%. Both readings were 0.1 percentage point above expectations, prompting traders to anticipate a 25-basis-point Fed rate hike in December.
Coinpedia news reported that Fed Governor Christopher Waller also said he would support a 25-basis-point hike, bringing interest rates to 4%–4.25%. He warned that if core inflation rose above 0.3%, the Fed could consider a larger 50-basis-point hike.
Markets are now pricing in about 64 basis points of Fed rate hikes over the next 12 months, up from 37 basis points earlier in November.
Higher interest rates make Bitcoin, which does not generate yield, less attractive, while a stronger dollar adds further pressure. The dollar index has risen to 103.4, its highest level since April 2025.
Bitcoin Could Face Further Selling Pressure
Pressure extends beyond interest rates. Stablecoin supply has fallen by $11.5 billion over the past 30 days, the largest decline recorded by Coinbase Institutional.
Bitcoin spot ETFs have also experienced substantial withdrawals. Since October 30, outflows have totaled a record $3 billion. November 4 was the only day in this period to see an inflow, of $74.6 million.
MSCI has confirmed that Strategy will be removed from its global indexes after November 30. The move could lead funds tracking those indexes to sell around $2.8 billion worth of Strategy shares.
Bitcoin Crash Warning: $16K in Sight?
With Bitcoin trading below $67,000, Coinbase Institutional identifies $62,000 as the next major level if the $66,000–$68,000 range fails to hold. On the upside, a move above $73,000 could improve the chances of Bitcoin returning to $80,000.
Bitcoin critic Peter Schiff also warned the decline could worsen. He said selling may intensify if Bitcoin falls below $50,000, potentially pushing it toward its 2022 low of under $16,500.
The Bitcoin collapse is gathering steam. I expect the momentum to pick up once Bitcoin breaks $50K. In fact, once it does, it could be a quick trip to the 2022 low below $16.5K. I wouldn't be surprised to see a retest of that level before year-end. If so, it's curtains for $MSTR.
- Peter Schiff (@PeterSchiff) November 14, 2026
He added, “I wouldn’t be surprised to see a retest of that level before year-end.”
