Crypto Market Sell-Off Deepens: Bitcoin Drops to $65,600 as Total Market Cap Falls 7%

Bitcoin slid to about $65,600 on Saturday, its lowest level in months, and pulled the rest of the market down with it. CoinGecko data shows total crypto market capitalisation at roughly $2.24 trillion, down about 6.9% in 24 hours.

The numbers

Bitcoin is down 4.3% over 24 hours and 13.6% over seven days. From the November 5 high of $80,443 it has lost 18.5%. Altcoins fell harder:

• Ethereum: $1,840, down 4.6% on the day and 18.3% on the week.
• Solana: $72.87, down 8.6% on the day and 19% on the week.
• XRP: $0.96, down 6.1% on the day and 17.3% on the week.
• Dogecoin: $0.060, down 6.8% on the day and 16.1% on the week.

Bitcoin's share of the total market stands near 58.8%, so the decline is broad rather than limited to smaller coins.

Leveraged longs took the damage

The sell-off began before the weekend. Bitcoin broke below $70,000 on Friday, November 13, for the first time since August. CoinGlass data cited by crypto.news showed about $1.23 billion in leveraged positions liquidated over 24 hours, with around $677 million of that in Bitcoin. Bitcoin.com, citing the same tracker at a different time, put the 24-hour total at $1.62 billion, almost 90% of it long positions. The two totals differ because they cover different windows, so treat them as approximate.

Forced liquidations feed on themselves: as a price falls, leveraged long positions are closed automatically, and that selling pushes the price lower and triggers the next batch.

What traders are pointing to

Reporting links the fall to several pressures at once, and none of them has been confirmed as the single cause.

• Rates and the dollar. crypto.news reports that hotter-than-expected inflation data raised the odds of a Federal Reserve rate hike in December, while the US Dollar Index climbed above 103, which it describes as a roughly 19-month high.
• ETF outflows. Farside Investors data cited by crypto.news shows US spot Bitcoin ETFs lost $299.8 million on November 11, with BlackRock's IBIT accounting for $269.7 million. Five straight sessions of outflows total about $1.44 billion.
• Corporate headlines. The same report mentions MSCI's planned removal of Strategy from its indexes after November 30, which could force passive funds to sell, along with the resignation of Nvidia chief executive Jensen Huang and tension in the Middle East.

Levels to watch

Analysts quoted by crypto.news name $65,000 as the next support below the $68,500 to $69,000 zone that has now failed. Resistance sits at $71,000 to $71,500. Bitcoin remains about 48% below its October 2025 record of $126,198 on CoinGecko's current price.

Momentum indicators are deeply oversold, but oversold markets can stay oversold, and a rebound is not guaranteed. The price chart above and our live [markets page](/markets) show where things stand now.

Market figures in this article come from CoinGecko at the time of writing and move quickly. Liquidation and ETF figures are from the third-party sources linked below. This article is information, not investment advice; see our [risk disclosure](/risk-disclosure).