BTC Drops Below $69K: Is Bitcoin Heading Toward a Deeper Downturn?

Bitcoin Falls to $67,568 as $1.4B in Liquidations Deepen Market Fear

Bitcoin news: BTC crashed to $67,568 as heavy liquidations wiped out leveraged bullish positions. The Crypto Fear & Greed Index has entered Extreme Fear territory, but historical patterns warn that further losses could follow, with Bitcoin declining after 15 of 16 comparable readings.

Bitcoin extended its correction on Friday, November 13, briefly touching $67,568 on Binance. A fresh wave of forced selling dragged the cryptocurrency to its lowest price since August 19, increasing uncertainty across the broader crypto market.

BTC is currently trading around $68,772, marking a 6.7% decline over 24 hours and a 9.1% drop over seven days. Ethereum has fallen 5.5%, while Solana has shed 3.4% during the same period.

Leveraged liquidations were a major contributor to the downturn. When traders cannot maintain the required collateral, exchanges automatically close their positions to limit further losses. CoinGlass figures cited by several outlets show that approximately $1.4 billion in crypto positions were liquidated over 24 hours, with nearly 90% involving long positions. The resulting selling wave pushed Bitcoin below $70,000 in roughly two hours overnight.

Market sentiment has also deteriorated sharply. The Crypto Fear & Greed Index dropped from 28 to 20 on Friday, recording its first Extreme Fear reading since July.

With Bitcoin trading near recent lows, investors are questioning whether extreme pessimism could mark the beginning of a recovery or whether another round of selling is approaching. Historical sentiment trends and key technical levels offer important clues.

Bitcoin Liquidation Wave: Bullish Traders Lose 11 Times More Than Bears

Bitcoin’s latest decline began Thursday afternoon following reports that Nvidia CEO Jensen Huang had resigned. The selling accelerated after midnight UTC when BTC broke through Tuesday’s $72,727 low, triggering additional downward momentum.

An examination of liquidations across Bitcoin, Ethereum, Solana, XRP and Dogecoin futures on OKX over the previous 24 hours revealed that bullish traders absorbed most of the damage.

• Long liquidations: $125.5 million.
• Short liquidations: $11.2 million, meaning long traders suffered approximately 11 times greater losses.
• Bitcoin: $76.7 million in liquidated long positions, concentrated in two major waves. The first occurred at 14:00 UTC on Thursday following the Nvidia announcement. The second arrived at 03:00 UTC on Friday as BTC dropped below $69,000.
• Ethereum: $33.6 million in liquidated longs, the second-largest amount among the five assets.

Meanwhile, U.S. spot Bitcoin ETFs have continued experiencing withdrawals, adding another source of selling pressure. Since these investment products directly hold Bitcoin, persistent redemptions can contribute to weaker market demand.

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Bitcoin Futures Data Highlights Two Emerging Bottom Signals

Three potential indicators of a market bottom were identified on Thursday: the Fear & Greed Index approaching the teens, funding rates turning negative and open interest declining as leveraged positions unwind. The overnight sell-off triggered two of these conditions.

Funding rates slip below zero: The funding rate, which helps keep perpetual futures prices aligned with spot markets, turned negative at -0.0064% on OKX at 08:00 UTC. Short traders are now paying long traders, marking the first occurrence since November 7.

Open interest drops sharply: The total value of outstanding Bitcoin futures contracts on OKX declined from $3.86 billion late Thursday to $3.46 billion. This represents a 10% contraction within hours, indicating that leveraged exposure is being reduced.

Fear approaches extreme levels: The Crypto Fear & Greed Index reached 20, moving closer to the readings of 9 and 11 recorded during Bitcoin’s February and July lows this year.

However, bullish positioning has not weakened significantly. OKX data shows 3.19 accounts holding long positions for every account holding a short position, roughly matching the ratio seen before the crash. This suggests that some traders are still using leverage to buy Bitcoin at lower prices.

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Bitcoin Extreme Fear History Warns That More Downside Is Possible

Extreme Fear can attract bargain hunters, but historical data suggests that reaching this sentiment level does not necessarily mean Bitcoin has completed its correction.

An analysis of 16 instances since 2018 examined periods when the index first reached 20 or below after remaining above that threshold for at least one month. Bitcoin’s price movements were then tracked over the following 90 days.

The results revealed several important patterns:

• Bitcoin continued falling in 15 of the 16 instances.
• The median additional decline was 23.2%.
• The final market bottom arrived after a median of 44 days.
• Only three cases produced a bottom within seven days: August 2018, March 2020 and September 2021.
• Bitcoin was trading higher after 90 days in seven cases, while the median return across all instances was -4.4%.

The most recent comparable event occurred on June 3, when the index entered Extreme Fear with Bitcoin trading at $64,014. BTC subsequently dropped another 8.5%, reaching $57,800 on July 1. The cryptocurrency then staged a recovery, eventually climbing to $87,396 in September.

These historical observations suggest that the current sentiment reading could signal that Bitcoin is approaching a bottom, but they do not confirm that the lowest price is already in. A further decline toward this year’s previous lows would be consistent with the historical median pattern.

Bitcoin Price Analysis: Daily Chart Points to Key Downside Levels

Bitcoin’s daily chart shows BTC trading considerably below its major exponential moving averages (EMAs). These indicators give greater weight to recent price movements and help traders evaluate the broader market trend.

The 50-day EMA currently stands at $78,226, while the 200-day EMA is positioned at $76,325.

Resistance levels:

• $72,727: Tuesday’s previous low, which could now restrict upward movements.
• $76,325: The 200-day EMA and another major hurdle for a potential recovery.

Support levels:

• $67,568: Friday’s intraday low and the nearest downside reference.
• $64,166: The double-bottom region established on August 7 and August 19.
• $62,535: The August 14 low, which could become relevant if bearish momentum continues.

Bitcoin Weekly Chart Tests the Critical $69,555 Moving Average

On the weekly timeframe, Bitcoin is testing the 200-week EMA at $69,555. BTC has slipped slightly below this indicator, making Sunday’s weekly close particularly important for determining whether the cryptocurrency can reclaim the level.

The 200-week EMA has historically played a significant role in Bitcoin’s long-term market structure. During 2026, BTC recorded 16 weekly closes below this moving average, spanning February and March and another period from June through mid-August. Both major market bottoms developed during these stretches.

Resistance levels:

• $69,555: The 200-week EMA, which Bitcoin needs to recover.
• $78,053: The 50-week EMA and the next significant resistance zone.

Support levels:

• $65,000: The March low.
• $60,000: The February low.
• $57,800: The July bottom.

The latest sell-off has removed some speculative leverage from the market, while negative funding rates indicate a shift in futures positioning. Both developments can contribute to a healthier market structure during the formation of a potential bottom.

For Bitcoin traders, Sunday’s weekly close around $69,555 will be an important test. However, historical evidence suggests that the ultimate low may take several weeks to develop after Extreme Fear first appears. Until BTC establishes stronger support and reverses its downward trend, the possibility of additional losses remains.