Bitcoin falls below $69,000 as forced liquidations fuel the sell-off

Bitcoin fell below $69,000 on November 13, 2026, as fears of higher interest rates, ETF outflows and forced liquidations intensified selling. According to BeInCrypto, it was the first drop below that level since mid-August, while Ethereum also fell below $2,000.

In the CoinGecko snapshot cited by Blockonomi, BTC was trading at $68,106.83, down 7.31% over 24 hours and 9.93% over seven days. Prices differ across reports because they were recorded at different times. The overall picture, however, is one of intense pressure without a single, confirmed catalyst.

How did liquidations accelerate Bitcoin's decline?

Forced liquidations turned the decline into a chain reaction. CoinGlass data, reported by Blockonomi via Wu Blockchain, showed roughly $622 million in crypto positions liquidated within four hours. Of that total, $549 million involved long positions, or bets on rising prices.

Over a longer window, BeInCrypto reported $1.65 billion in liquidations over 24 hours, with longs accounting for roughly 89%. The two figures should not be added together: they cover different periods.

Leverage allows you to gain greater exposure using borrowed funds. When the price moves far enough against you and your collateral is no longer sufficient, the exchange automatically closes the position. Think of a row of dominoes: each forced sale puts pressure on the price and can trigger the next.

Why are interest rates and ETF outflows weighing on demand?

Inflation and the prospect of higher borrowing costs weighed on crypto sentiment. Bloomberg linked the decline to concerns about inflation and higher interest rates. According to CME FedWatch data cited by BeInCrypto, the market was pricing in an 88.7% chance of a 0.25-percentage-point rate increase on December 9 and an 11.3% chance of a 0.50-percentage-point increase. These are market expectations, not a Fed decision.

Meanwhile, US spot Bitcoin exchange-traded funds (ETFs) recorded $1.44 billion in net outflows over five consecutive trading sessions, according to Farside Investors. Roughly $1.07 billion came from BlackRock's IBIT.

The picture was not uniform. Morgan Stanley's MSBT attracted inflows in each of the last four sessions covered by the data. The outflows therefore point to a decline in overall demand, not a wholesale exit from every product.

How do Strategy and US legislation add to the uncertainty?

Strategy's upcoming removal from MSCI indexes adds uncertainty around a steady source of corporate Bitcoin demand. According to BeInCrypto, the change takes effect on November 30. It does not require Strategy to sell BTC, but it could make it harder to raise fresh capital to fund purchases.

On the political front, the Democrats' victory in both the House and Senate in the November 3 elections creates uncertainty over the CLARITY bill, which addresses crypto oversight. It had already failed a procedural vote in the Senate in September. The main concern is another delay in regulatory clarity, not a ban that has already been decided.

What are we watching in Bitcoin and Ethereum?

Ethereum came under even greater pressure over a four-week period. On November 14, The Defiant reported losses of 20.3% for ETH versus 16.3% for BTC, comparing corresponding closing prices on Coinbase. crypto.news had also reported nearly $250 million in ETH liquidations.

For Bitcoin, BeInCrypto identified a test of the 200-week simple moving average (SMA), near $67,975. The indicator smooths closing prices over nearly four years; it does not guarantee support.

We believe the key question is whether demand will return without another buildup of leverage. We are watching ETF flows, the weekly close and the Fed's December 9 decision. A temporary price bounce alone is not enough to answer that question.