Bitcoin Price Falls 14% in a Week to $65,000 as Weekend Selling Breaks Friday’s Low
Bitcoin price crashed about 14% over the past week and was trading near $65,200 on Saturday morning after sliding to about $65,000, marking the weakest level since mid-August.
The move broke below Friday's low of about $67,555 and extended a selloff that has followed a stronger dollar and a fully priced December Federal Reserve rate hike. A week ago, on Nov. 7, bitcoin was trading near $75,750.
The decline steepened after Nvidia chief executive Jensen Huang resigned on Thursday, a shake-up that caused AI stocks to sell off which could potentially be responsible for sending bitcoin below $72,000. It slipped toward $71,000 by Thursday evening, then crashed to about $67,555 around midnight Eastern on Friday.
Stronger Dollar And Higher Yields
The Labor Department said Friday that the Producer Price Index for final demand rose 0.3% in October, short of the 0.4% increase economists had expected. On an unadjusted basis, the index was up 6.5% from a year earlier, the largest 12-month rise since November 2022.
The slightly cooler monthly figure lifted bitcoin above $70,000 for only minutes. Bond traders were unconvinced. The 10-year Treasury yield climbed as high as 5.17% on Friday, a four-week high, and closed at 5.15%. The U.S. dollar index held at a 19-month high, its strongest level since April 2025.
Soon, some additional tightening of Fed monetary policy may be appropriate.
ETF Outflows And Mining Difficulty
Demand from spot bitcoin ETFs has not filled the gap. BlackRock's iShares Bitcoin Trust (IBIT) bled $2 billion over nine straight days of outflows through Wednesday, and the funds posted a sixth straight day of net outflows on Thursday.
Miners got some relief overnight. Bitcoin's mining difficulty dropped 9.13% at 12:02 a.m. ET Saturday at block 975,744, falling from about 148.36 trillion to 134.82 trillion, the largest cut since June. Difficulty adjusts automatically every 2,016 blocks to keep average block times near 10 minutes.
Next Tests For Bitcoin Price
The next tests for the bitcoin price arrive quickly. Traders will watch whether Saturday's slide holds below Friday's $67,555 low, and whether Nvidia's report on Tuesday extends the chip-stock weakness that has followed bitcoin lower all week.
With a December rate hike fully priced and the dollar at a 19-month high, any further jump in yields when markets reopen could keep pressure on. Nvidia is due to report third-quarter results on Tuesday under interim CEO Colette Kress, the first earnings release since Huang stepped down.
At the time of writing, the bitcoin price is near $65,100.
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