By kurahan.com 
The Bitcoin crash nobody wanted to see has arrived. Bitcoin plunged to around $65,000 on Saturday, November 14 — its lowest level in three months — capping a brutal week in which the world’s largest cryptocurrency lost roughly 14% of its value. Just seven days earlier, Bitcoin was trading near $75,750. Now the market is asking a question it has not had to face since August: how much further can this fall go?
The Week Bitcoin Lost $70,000
The slide began quietly and then accelerated. Bitcoin slipped below $72,000 on Thursday, then broke through the psychologically important $70,000 level late on Thursday night — its first time under that line since August 19, according to CoinDesk. Friday brought a brief bounce back toward $70,000, but it failed to hold, and by Saturday the price had dropped to about $65,000, a three-month low.
The numbers tell the story of the week. Bitcoin is down around 14% over seven days, according to Bitcoin Magazine, and has now erased roughly 46% of its value since its record above $126,000 in October 2025. Ethereum fared little better, falling below $1,900 to around $1,898. The total crypto market value slipped below $2.3 trillion, and the Fear & Greed Index — the market’s best-known sentiment gauge — dropped to 13, deep in “Extreme Fear” territory, down from 20 just a day earlier.
The damage was not limited to prices. More than $1.65 billion in crypto positions were liquidated in the 24 hours around Friday’s break, with $918.6 million of that in Bitcoin alone. At one point, exchanges wiped out $240 million in positions in a single 20-minute stretch.
Why the Bitcoin Crash Happened
No single event caused the crash. Instead, several pressures arrived at once and fed off each other:
- ETF money is walking out the door. US spot Bitcoin ETFs recorded net outflows for a seventh straight session on Friday, with $185.4 million leaving in a single day. The two-week total has reached $2.35 billion, and BlackRock’s IBIT fund alone has now seen outflows for 11 straight sessions. Total ETF assets have fallen to $93.7 billion — about 45% below their October 2025 peak.
- Hot inflation changed the rate picture. October wholesale inflation came in stronger than expected, rising 6.5% year-on-year, the biggest annual jump since November 2022. Traders now expect the Federal Reserve to keep rates high — or even raise them — at its December 8–9 meeting.
- The Nvidia shock rattled risk appetite. Nvidia CEO Jensen Huang resigned on November 12, sending shockwaves through AI and semiconductor stocks. Analysts say some investors were forced to sell crypto to cover losses elsewhere.
- A stronger dollar squeezed everything. The US dollar index climbed to a 19-month high above 103, which historically pressures assets priced in dollars — including Bitcoin.
- Selling fed on selling. As prices broke key support levels, leveraged traders were forced out of their positions, and those forced sales pushed prices lower still.
Glassnode data added another warning sign: stablecoin supplies have shrunk by $17 billion over the past 30 days, the sharpest contraction since 2022 — a sign that cash is leaving the crypto ecosystem rather than waiting on the sidelines to buy the dip.
Ethereum and Altcoins Feel the Pain Too
Bitcoin was not the only casualty. Ethereum fell below $1,900, and traders on the prediction market Kalshi now expect Ether to touch $1,760 at some point in November. The pain is even visible on corporate balance sheets: Bitmine Immersion Technologies, one of the largest corporate holders of Ether, is sitting on more than $8.6 billion in estimated unrealised losses — a 43% drop in the value of its Ether treasury.
XRP was down 16.3% on the week, according to CoinDesk, and the wider altcoin market followed Bitcoin lower almost everywhere. Even Bitcoin’s mining network felt the strain: mining difficulty dropped 9.13% at the latest adjustment, the largest cut since June, as less efficient miners switched off their machines.
What This Means for Investors
For holders, the honest answer is that the market is in wait-and-see mode. The technical picture offers two clear lines in the sand. Analysts quoted by Bitcoin.com News put the next support zone at $65,000 to $66,000, with a decisive break below that potentially exposing $62,000–$63,000. On the upside, the first real resistance sits at $72,000 to $74,000 — the level Bitcoin would need to reclaim before confidence returns.
This continues the slide we covered in our earlier post on Bitcoin’s fall to a 53-day low.
There are also early signs that the selling may be overdone. Ether’s relative strength index has dipped below 30, the level traders traditionally read as oversold, and some large holders appear to be accumulating at these prices. But as one researcher told Decrypt, the ETF outflows reflect institutions cutting risk, and they are “not yet sufficient to prove that Bitcoin’s long-term allocation thesis has reversed” — nor, by the same token, that the bottom is in.
For anyone holding crypto through this crash, the practical lesson is the same one every crash teaches: never invest money you cannot afford to lose, keep your coins in a wallet you control rather than on an exchange, and remember that prices can keep falling after they already look cheap. Our guide on crypto security and wallets explains the basics of protecting your holdings in volatile times like these.
The Bottom Line
The Bitcoin crash of November 2026 is not a single bad day — it is a week in which inflation fears, ETF outflows, a shock resignation at Nvidia and a surging dollar all hit at once. Bitcoin has fallen 14% in a week and nearly half from its record high, and sentiment is at its most fearful in months.
Whether $65,000 holds as the floor or gives way to the low $60,000s will likely be decided by the same forces that caused the fall: the next ETF flow numbers, the Federal Reserve’s December meeting, and whether buyers step back in at these prices. Until then, the market’s message is clear — this is a crash, not a dip, and it deserves to be treated that way.