Bitcoin crashed below $70,000 overnight, falling as low as $67,652 in the Asian session, its lowest since August 19, as a sell-off swept through crypto and precious metals. The coin has now dropped more than 16 percent over the past month and has slipped below its 200-week moving average of around $68,000, a level traders watch closely as a long-term support line.
Bitcoin traded at about $68,600 in the overnight session, down 6.8 percent over 24 hours, according to CoinLab, and was near $68,744 by Friday morning, down 6.66 percent on the day. More than $1.3 billion was liquidated across the crypto market in 24 hours as leveraged positions were wiped out, the same report said. The coin has spent the week sliding after falling below $72,000 on Thursday, when it traded near $71,777, and the break below $70,000 marks a sharper leg down.
What Is Driving the Sell-Off
The trigger is the same force that has been pressing on markets all week: rising bond yields and a stronger dollar. The US 10-year Treasury yield has pushed above 5.1 percent, and the dollar index sits at a 19-month high after October’s hotter-than-expected inflation report raised the odds of another Federal Reserve rate rise in December. The resignation of Nvidia chief executive Jensen Huang also rattled US stocks overnight, adding to the risk-off mood, according to CoinLab.
Money continues to leave US spot Bitcoin exchange-traded funds, with investors pulling a net $299.8 million on Wednesday, the fifth straight day of outflows, according to data from Farside reported earlier this week. Analysts say the steady redemptions are one of the two main headwinds for Bitcoin, alongside rising rate-hike expectations.
Gold Falls With It
Gold has not escaped the slide. Gold futures fell 2.88 percent to $3,885.30 on Thursday, the lowest since October 2025, as the 10-year yield hit 5.10 percent, according to Causa Markets, and the metal traded just below $3,900 on Friday morning, up 0.4 percent on the day. Silver has slipped with it after jumping back above $52 earlier in the week.
Friday’s US producer price report, due at 8:30 a.m. ET, could set the next move: a hot reading would open the way toward $65,000 to $67,500 for Bitcoin, according to CoinLab’s base case, which sees a $67,500 to $70,000 range as the most likely outcome for the next 24 hours. For holders, the question is whether the 200-week average near $68,000 holds as support, or whether a break below it opens the way to a deeper correction.
