Bitcoin fell below $71,000 on Friday to its lowest level in roughly 12 weeks, extending a sharp November decline as heavy selling, persistent ETF outflows and renewed inflation worries pressured cryptocurrency markets. Figures checked at 08:00 PKT on Friday, 13 November 2026.
The world's largest cryptocurrency fell 3.96 percent in 24 hours, from around $74,050 to $71,120 early on Friday, its lowest reading in about 12 weeks. It later traded at approximately $70,834, down 3.79 percent over 24 hours and 6.53 percent over the past week, its weakest levels since August.
Ethereum fared worse in relative terms, declining 2.1 percent to about $2,007, taking its weekly losses to 10.11 percent, as it hovered near the psychologically important $2,000 level. The overall cryptocurrency market lost 5.09 percent of its value, bringing total market capitalisation to approximately $2.42 trillion. Market estimates indicate that more than $550 billion in total cryptocurrency market value has disappeared since October's highs.
The decline followed a broader deterioration in investor sentiment. Nvidia co-founder Jensen Huang resigned as chief executive on Thursday, an exit that came without warning and sent AI-linked equities into a broad collapse, with the Nasdaq closing 4.6 percent lower, the S&P 500 down 3.4 percent and the Dow 2.6 percent. Risk assets across the board came under pressure as investors retreated.
Hotter US inflation data added to the selling. The US Bureau of Labor Statistics reported that the Consumer Price Index rose 0.4 percent month over month in October, exceeding economists' expectations of 0.3 percent. Traders raised the probability of a quarter-point Federal Reserve rate hike at the December meeting to approximately 90 percent, based on CME FedWatch data, and attention now turns to the latest US producer price inflation figures due later on Friday.
Institutional demand continued to weaken. US spot Bitcoin ETFs recorded $1.28 billion in net outflows last week, the largest since late June, and BlackRock's IBIT marked its eighth consecutive day of net redemptions. Across five trading sessions, the funds recorded approximately $1.44 billion in outflows, with funds selling underlying bitcoin on-chain as withdrawals were processed.
The market turbulence also sparked a wave of forced liquidations, wiping out around $680 million in leveraged cryptocurrency positions within 24 hours. Bitcoin-related positions accounted for about $325 million in liquidations compared with about $106 million for Ethereum, with the vast majority of the liquidated positions being longs caught on the wrong side of the drop.
Technically, the picture has turned firmly bearish. By Thursday's close, Bitcoin sat below its 20-, 50- and 200-day moving averages, with the 200-day at $73,137 overhead and the daily relative strength index at 29.5, inside oversold territory. On-chain data showed shrinking buying power, with Tether's USDT supply contracting by about $6.6 billion over 60 days and miner reserves falling to roughly 1.19 million bitcoin.
Traders are now watching whether Bitcoin can defend the $70,000 threshold and Ethereum can maintain support around $2,000. Analysts warn that a failure to regain key levels could lead to deeper declines towards targets near $65,000, while a recovery back above $75,717 has been flagged as a checkpoint for any stabilisation. The latest US producer price figures, due at 13:30 UTC, are the next big test for sentiment.
For now, the market remains fragile. Futures open interest and positive funding rates stayed high during the drop, a combination that leaves the market vulnerable to further forced selling, and the mood among traders is the most fearful it has been in months.
This post is market news information only, not financial advice.
