Bitcoin traded near $63,300 on Saturday, down roughly 19% over 30 days and 6.5% over 24 hours, according to CryptoSlate data. It had fallen below $70,000 on Friday, when a rolling 24-hour low of $67,921 was recorded.
The selloff came amid expectations of a December Federal Reserve interest rate hike, sustained outflows from US spot Bitcoin ETFs and Nvidia CEO Jensen Huang’s resignation.
On Tuesday, Fed Governor Christopher Waller said he supported raising rates by at least 25 basis points at the December 8–9 meeting and set a threshold for a larger increase if core CPI came in at 0.3% or higher. The October CPI report subsequently showed core CPI rising exactly 0.3%, meeting that condition. As of Friday, CME Group's FedWatch Tool showed an 89.7% probability of a quarter-point hike and a 10.3% probability of a half-point increase.
Chicago Federal Reserve President Austan Goolsbee warned Friday that inflation had spread beyond energy and tariffs, saying "my feeling right now is we are not" on a path back to 2% inflation, according to a report. He did not explicitly endorse a rate hike.
US spot Bitcoin ETFs have registered outflows. BlackRock’s iShares Bitcoin Trust recorded more than $2 billion in net outflows across nine consecutive sessions through Wednesday, while broader funds shed nearly $1.44 billion over five sessions. Thursday saw another $47.7 million in net outflows, according to preliminary Farside Investors data.
CoinGlass recorded $869.89 million in Bitcoin long liquidations over the 24 hours to Friday morning UTC and $559 million over a four-hour period. On Saturday, Newhedge recorded a $919,774 Binance BTCUSDT long liquidation at $65,976 and another worth $781,412 at $65,892.
Tim Sun, senior analyst at Hashkey, told Decrypt the drop below $69,000 was "directly triggered by a concentrated liquidation of leveraged long positions" but that the deeper issue was "steadily weakening market demand" from ETFs, stablecoins and corporate treasuries.
Vikram Subburaj, CEO of crypto exchange Giottus, attributed Bitcoin's weakness to institutional outflows, tightening liquidity and expectations of a December rate hike, advising investors to "avoid chasing short-term dips or using excessive leverage."
Technical indicators point to a bearish short-term trajectory. Bitcoin’s relative strength index fell to 25.4 on Friday, below the 30 threshold generally considered oversold. Immediate support was around $67,650; Decrypt said losing that level could expose a deeper support area near $64,000, which Bitcoin fell below on Saturday.
Crypto trader and analyst Rekt Capital warned on X that a weekly close below $73,000 on Sunday could mark another support breakdown in 2026. Bitcoin fell to around $60,000 after each of the two previous breakdowns.
Bitcoin's decline has diverged from US equities. Between November 5 and 12, Bitcoin fell 5.9% while the Nasdaq 100 gained 6.4%, according to 10x Research, suggesting the cryptocurrency is responding more to rising Treasury yields and a stronger US dollar. The US 10-year Treasury yield climbed above 5% during the period.
Talos, an institutional trading platform, warned that thin liquidity and elevated leverage could amplify volatility. Its weekly report showed Bitcoin order-book depth across major exchanges fell to $72 million on November 9, roughly 33% below normal levels.
Tanay Ved, senior research associate at Talos, said: "Liquidity remains thin while leverage stays elevated, leaving the market vulnerable to sharp moves in either direction. A rebuild in order-book depth and a turn in capital flows would provide a firmer foundation for recovery."
Friday's Producer Price Index added to inflation concerns, rising 6.5% year over year, the largest annual increase since November 2022. Economist Robin Brooks described a 25-basis-point December hike as "all but inevitable" but argued against a steeper increase given oil price pressures from the US-Iran war.
Nvidia announced on November 12 that Jensen Huang had resigned as CEO and director, with Colette Kress becoming interim CEO. Nvidia’s results remain scheduled for November 17, giving investors a chance to assess the company’s outlook.