Bitcoin broke below $70,000 overnight and has yet to win the level back. Shortly before 10 a.m. CET on Friday, November 13, 2026, the cryptocurrency is changing hands at around $68,700, after falling to nearly $68,000 during Asian trading hours. According to CoinDesk data, that is the lowest level since August 19. Twenty-four hours ago it was still trading above $73,000, which puts the decline at more than 6%.
In a market that never closes, percentages depend on where you start counting: since midnight the drop is about 3.7%. The bulk of the move came earlier, in two stages. Thursday afternoon brought the Nvidia shock and a Fed moving closer to a rate hike. Overnight, with Europe and the United States idle, came the forced selling.
Thursday afternoon: Nvidia, the Fed and yields
On Thursday morning in New York, shortly before the Wall Street open, Nvidia announced that Jensen Huang was leaving his roles as chairman and chief executive with immediate effect (the filing submitted to the SEC). Chief financial officer Colette Kress takes over on an interim basis. The stock fell as much as 14% during the session before trimming its losses. Bitcoin, which in risk-off phases tends to move in step with tech stocks, accelerated lower over the same hours, from roughly $72,400 at the time of the announcement to just above $71,000 by late morning in the United States.
The ground was already shaky. On Tuesday in London, a few hours before the US inflation reading, Federal Reserve Governor Christopher Waller said: “I would still support a 25 basis point increase in the FOMC’s policy rate at our December meeting.” If October consumer prices came in similar to the previous two months, he added, “I think a 50 basis point increase should be considered at the December meeting” (the full speech on the Federal Reserve website, in English). The data came in exactly that way: according to the Bureau of Labor Statistics, the headline index rose 0.4% month over month and the core component 0.3%, the same pace as August and September.
Fed funds futures tracked through CME FedWatch now price a December tightening as close to certain, with a minority of bets on a half-point move. The 10-year Treasury yield is hovering around 5%. These are the same forces that on Thursday pushed Bitcoin below its 200-day moving average.
Overnight: below $70,000, the liquidation chain kicks in
The second leg came during Asian hours, with thinner trading. As soon as the price punched through $70,000, forced closures of leveraged positions came in rapid succession. CoinGlass data reported by CoinDesk point to more than $1.3 billion in futures positions liquidated across the entire crypto complex in 24 hours, $677 million of it on Bitcoin. Nearly half a billion was wiped out in the move below the $70,000 mark alone. The single largest liquidation, more than $31 million, was a bullish Bitcoin bet opened on Hyperliquid. The mechanism feeds itself: every forced closure is a market sell order, which brings the price closer to the next liquidation threshold.
Behind the move sit the dollar and the flows. The Dollar Index has climbed to around 103, its highest since April 2025. With the greenback that strong and yields near 5%, holding an asset that pays no interest costs more. Money continues to leave US-listed spot Bitcoin ETFs: on Wednesday, November 11, net outflows were about $300 million, nearly $270 million of it from BlackRock’s IBIT alone, according to SoSoValue data cited by CoinDesk.
Ethereum is faring no better. It has fallen below $2,000 for the first time since August and in morning trading is worth about $1,930, down more than 4%.
The next test: the PPI at 2:30 p.m. CET, then the Fed and Nvidia
This afternoon, at 2:30 p.m. CET (8:30 a.m. ET), the Bureau of Labor Statistics releases October producer prices (PPI), one of the last heavyweight inflation readings before the FOMC meeting on December 8 and 9. October’s PCE consumption deflator follows on November 25. A number above expectations would hand ammunition to those betting on a half-point move; a calmer one could give risk assets some breathing room. On Tuesday, November 17, after the Wall Street close, Nvidia reports earnings, the first without Huang.
On the charts, the picture has changed in the space of a single day. The 200-day moving average, just above $73,000, and the 61.8% Fibonacci retracement at $71,800, which on Thursday we flagged as the next support, are now behind us. They have become resistance levels to be reclaimed.
Below current prices, the first support is the overnight low, near $68,000. If that gives way, daily charts show an area of relative lows around $62,200 to $62,500, tested several times between June and August, and further down the 52-week low, around $58,000. A good share of the leverage was already flushed out overnight, which removes fuel for fresh cascades of forced selling. It says nothing about the direction of the next move.
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Editor’s note
This article was originally published in Italian on money.it by Ufficio Studi Money.it on November 13, 2026 as «Bitcoin sotto 70.000 dollari, minimi da agosto: perché scende oggi tra liquidazioni, Fed e caso Nvidia». It has been translated and adapted for an international audience by the Money.it International desk.
