Bitcoin Sinks to $67,568 as $1.4B Liquidation Wave Sparks Extreme Fear

Bitcoin news: BTC dropped to $67,568 as leveraged traders faced a sharp liquidation wave. The Crypto Fear & Greed Index has plunged into Extreme Fear, but historical trends suggest the sell-off may not be over, as Bitcoin declined further in 15 of 16 previous instances.

Bitcoin’s downward momentum intensified on Friday, November 13, with the cryptocurrency touching $67,568 on Binance. The decline came as forced selling swept through the market, pushing BTC to its lowest level since August 19.

At the time of writing, Bitcoin is trading near $68,772, down 6.7% over the past 24 hours and 9.1% over the past week. Ethereum has dropped 5.5%, while Solana has lost 3.4% on the day.

A significant portion of the market’s losses stemmed from leveraged liquidations. Exchanges forcibly close positions when traders’ collateral falls below the required threshold. CoinGlass data cited by multiple outlets showed that approximately $1.4 billion in positions were liquidated within 24 hours, with nearly 90% involving long traders betting on rising prices. The liquidation cascade drove Bitcoin below $70,000 in around two hours overnight.

Investor sentiment has weakened substantially. The Crypto Fear & Greed Index declined from 28 to 20 on Friday, marking its first Extreme Fear reading since July.

The latest Bitcoin downturn has raised questions about whether extreme pessimism signals an approaching market bottom or whether prices could experience another leg down. Traders are increasingly turning to historical sentiment data and technical indicators to assess the outlook.

Bitcoin Liquidations Hit Long Traders 11 Times Harder Than Shorts

Bitcoin’s decline started Thursday afternoon following reports that Nvidia CEO Jensen Huang had resigned. Selling pressure intensified after midnight UTC when BTC breached Tuesday’s $72,727 low and continued moving lower.

Liquidation data from Bitcoin, Ethereum, Solana, XRP and Dogecoin futures on OKX over the previous 24 hours revealed a considerable disparity between bullish and bearish positions.

• Long positions suffered $125.5 million in liquidations.
• Short positions recorded $11.2 million in losses, leaving bullish traders with roughly 11 times the liquidation damage.
• Bitcoin contributed $76.7 million in liquidated long positions, primarily across two major waves. The first occurred at 14:00 UTC on Thursday following the Nvidia announcement. The second came at 03:00 UTC on Friday as BTC slipped beneath $69,000.
• Ethereum ranked second, with $33.6 million in liquidated long positions.

Continued outflows from U.S. spot Bitcoin ETFs have further weakened market conditions. These funds hold Bitcoin directly, and ongoing investor withdrawals have added pressure to the asset’s price.

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Bitcoin Futures Market Shows Two Possible Bottom Indicators

On Thursday, three potential bottom signals were identified: the Fear & Greed Index falling toward the teens, funding rates turning negative and futures open interest declining as leveraged traders exit. Two of these indicators emerged during the overnight sell-off.

Funding rates turn negative: The funding rate, which helps maintain price alignment between perpetual futures and spot markets, dropped to -0.0064% on OKX at 08:00 UTC. Short traders are now paying long traders, marking the first negative reading since November 7.

Open interest declines: The value of outstanding Bitcoin futures contracts on OKX fell from $3.86 billion late Thursday to $3.46 billion. The 10% drop within a few hours indicates that leveraged positions are being reduced.

Fear reaches 20: The index has moved closer to the teens, although it remains above the readings of 9 and 11 recorded during Bitcoin’s February and July lows in 2026.

Despite these developments, bullish positioning remains relatively strong. OKX data shows 3.19 accounts holding long positions for every account holding a short position, a ratio similar to its pre-crash level. This suggests that traders continue to use leverage to accumulate Bitcoin during the decline.

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Bitcoin Extreme Fear History Suggests the Bottom May Still Be Ahead

Extreme Fear is often considered a potential buying signal, but historical data indicates that Bitcoin frequently continues declining after the sentiment index reaches this level.

An examination of 16 historical instances since 2018 focused on periods when the index first dropped to 20 or below after at least a month without a similar reading. Bitcoin’s performance was subsequently monitored for 90 days.

The analysis found that Bitcoin extended its decline in 15 of the 16 cases. The median additional loss was 23.2%, while the final bottom typically arrived after 44 days.

Only three instances resulted in a bottom within one week: August 2018, March 2020 and September 2021.

After 90 days, Bitcoin was higher in seven of the 16 cases, while the median return was -4.4%.

The latest example follows a similar pattern. Extreme Fear first appeared on June 3 when Bitcoin was trading at $64,014. BTC subsequently dropped another 8.5%, reaching $57,800 on July 1 before recovering to $87,396 in September.

For market participants analyzing Bitcoin news, the current Extreme Fear reading suggests that the market may be approaching a bottom. However, historical data does not indicate that the lowest price has necessarily been reached. A move toward previous 2026 lows would remain in line with historical trends.

Bitcoin Price Analysis: Daily Chart Reveals Major Support Zones

Bitcoin’s daily chart shows the cryptocurrency trading well below its key exponential moving averages (EMAs), which place greater emphasis on recent price data.

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

Resistance levels:

• $72,727: Tuesday’s previous low, which may now act as resistance.
• $76,325: The 200-day EMA, representing another significant barrier for a recovery.

Support levels:

• $67,568: Friday’s intraday low.
• $64,166: The double-bottom zone established on August 7 and August 19.
• $62,535: The August 14 low, which could become the next downside target.

Bitcoin Weekly Chart Approaches the 200-Week EMA at $69,555

On the weekly timeframe, Bitcoin is testing the 200-week EMA, which currently stands at $69,555. BTC is trading slightly below the indicator, with traders awaiting the weekly candle close on Sunday.

The 200-week EMA has historically been an important level for Bitcoin’s broader price structure. During 2026, Bitcoin closed below this moving average for 16 weeks, including periods in February and March and from June through mid-August. Both major market bottoms formed during those intervals.

Resistance levels:

• $69,555: The 200-week EMA, a key threshold for Bitcoin’s recovery.
• $78,053: The 50-week EMA, which could present the next major resistance.

Support levels:

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

The latest liquidation-driven decline has triggered several conditions that are often associated with market bottoms. Reduced leverage and negative funding rates indicate that some speculative excess has been removed from the market.

For traders following Bitcoin news, the upcoming Sunday weekly close around $69,555 will be an important indicator of BTC’s next move. Historical patterns suggest that the final bottom can take several weeks to develop after the initial Extreme Fear reading, meaning further downside remains possible before a sustained recovery.