Bitcoin Briefly Crashes to $67,555 as Dollar Hits 19-Month High

Bitcoin traded near $69,800 on Friday morning after briefly crashing to about $67,555 around midnight Eastern, its lowest level since mid-August, according to Bitcoin Magazine Pro data reported by Bitcoin Magazine. The rebound held after October producer prices rose less than economists had expected, though the U.S. dollar remained near a 19-month high and traders still fully priced a December Federal Reserve rate hike.

Event: A Midnight Break Below $70,000

According to Bitcoin Magazine, bitcoin was trading near $72,800 at the same time on Thursday. It slipped toward $71,000 by Thursday evening, then gave way late at night, breaking below $70,000 and sliding to the roughly $67,555 midnight low — its weakest level since mid-August. The outlet reported that the move also pushed bitcoin below its 200-week moving average, a long-term trend line the report placed near $68,000. Buyers lifted the price back above $69,000 before sunrise, and the rebound extended toward $69,800 after the October Producer Price Index report landed.

That PPI data, released Friday by the Labor Department per Bitcoin Magazine's account, showed the Producer Price Index for final demand rose 0.3% in October, short of the 0.4% monthly increase economists had expected, following a revised 1.4% advance in September. Core prices, excluding food and energy, increased 0.3%, matching forecasts. On an unadjusted basis, the headline index was up 6.5% from a year earlier, the report said, the largest 12-month rise since November 2022. The slightly cooler-than-feared reading took some pressure off the dollar, though the currency still held above the 103 level on the Dollar Index.

The report noted the U.S. Dollar Index held above 103 Friday after a three-day rally took it to its highest level since April 2025. The 10-year Treasury yield stood near 5.15% ahead of the data, and two-year yields — which track Fed expectations most closely — were, per Bloomberg as cited by Bitcoin Magazine, on pace for their worst week since 2024. Traders still saw an 88% chance of a quarter-point hike at the Fed's December 8–9 meeting and a 12% chance of a half-point move, according to CME FedWatch data cited in the report. Fed Governor Christopher Waller had added a 50-basis-point increase to the discussion, and New York Fed President John Williams said Thursday that inflation remains high and policymakers need to take further action, the report said.

Implications: Leverage Unwinds, ETFs Keep Bleeding

The break below $70,000 set off a wave of forced selling. Bitcoin Magazine reported that about $1.64 billion in crypto positions were liquidated over 24 hours, with bets on higher prices making up nearly 89% of the total and bitcoin positions accounting for $916 million of that figure. U.S. spot bitcoin ETFs added to the pressure: the funds posted about $47.7 million in net outflows Thursday, their sixth straight day of withdrawals, bringing the run to roughly $1.49 billion, according to the report. BlackRock's iShares Bitcoin Trust (IBIT) alone bled about $2 billion over nine sessions through Wednesday, and the ETF group as a whole has now flipped to about $1.56 billion in net outflows for 2026, the report said.

Sentiment has soured alongside the price action. Bitcoin Magazine's report cited a widely watched crypto fear and greed gauge that dropped to 20 on Friday, its lowest reading since July 8, with bitcoin now on track for a second straight down year. Positioning has also turned defensive: average perpetual futures funding rates turned negative for the first time in a month as the price fell toward $68,500, meaning short sellers are now paying to hold their bets, per the report. Order books have thinned too — bitcoin order-book depth across major exchanges fell to $72 million on Nov. 9, roughly 33% below normal levels, the report said, quoting Tanay Ved, a senior research associate at Talos: "Liquidity remains thin while leverage stays elevated, leaving the market vulnerable to sharp moves in either direction."

The report also noted bitcoin has broken from tech stocks: it fell 5.9% between Nov. 5 and Nov. 12 while the Nasdaq 100 gained 6.4%, which Bitcoin Magazine framed as a sign bitcoin is trading more on yields and the dollar than on the AI trade. Nasdaq 100 futures were up about 0.6% Friday after the producer-price report, as investors also weighed Nvidia's announcement that Jensen Huang had resigned as CEO, according to the report.

CoinHours analysis: Extreme Fear and a Market Trading Below Its Multi-Year Trend

CoinHours' own cached observations provide useful context for reading (saved 2026-11-14T00:17:24.101+00:00) this dip, without implying they verify or explain the event itself. CoinHours' saved fear_greed data (saved 2026-11-14T00:17:24.101+00:00) from Alternative. Recorded a value of 13, classified as "Extreme Fear," as of 2026-11-14T00:17:24 UTC — a sharper reading of sentiment than the "20" figure Bitcoin Magazine reported for Friday, consistent with the broader pattern of depressed sentiment described in the source report, though the two figures were captured at different times by different trackers and should not be treated as the same data point.

CoinHours' cached cycle_indicators snapshot, timestamped 2026-11-14T08:45:11 UTC, recorded a btc_current_price of approximately $67,212, a ma_200w_value (200-week moving average) of $75,970.09 with the price sitting at an ma_200w_ratio of 0.885 — meaning price traded at roughly 88.5% of that long-term trend line at the snapshot time. The same dataset recorded a ma_200d_value of $73,046.32 (ratio 0.92), a composite_score of 39 labeled "Early Bull," btc_dominance of 59.48%, and pct_of_ath of 75.76% against an all-time high of $124,658.54 recorded on 2025-10-06, with days_since_ath at 404. These figures are CoinHours' own calculated indicators and are separate from the $68,000 long-term trend line level and the $67,555 midnight low cited by Bitcoin Magazine; they illustrate that the pullback occurred well below multiple moving-average benchmarks tracked independently by CoinHours, but they do not establish causation for the price move itself, which Bitcoin Magazine attributed to dollar strength, Treasury yields and Fed rate-hike pricing.

What to Watch

Markets will be watching whether the Dollar Index's climb above 103 and its three-day rally to the highest level since April 2025 persists into next week, alongside the fully priced December 8–9 Fed decision where CME FedWatch data showed an 88% probability of a quarter-point hike and a 12% chance of a half-point move, as reported by Bitcoin Magazine. Continued spot bitcoin ETF outflows — already at roughly $1.49 billion over six straight days as of Thursday per the report — and the thin order-book depth flagged by Talos researcher Tanay Ved both point to a market still vulnerable to sharp moves in either direction. Whether bitcoin can reclaim and hold above its roughly $68,000 200-week moving average, as described in the report, may also serve as a signal traders watch closely in the days ahead.

Further reading

For background on how investors gain bitcoin exposure through regulated products versus direct ownership, see CoinHours' comparison: Bitcoin ETF vs Buying Bitcoin Directly — Which is Better?

Further reading / context