Based on Bitcoin Magazine Pro figures, the price of bitcoin traded close to $69,800 on Friday morning following a sharp drop to approximately $67,555 around midnight Eastern Time, marking its weakest point since the middle of August. The recovery held its ground after October producer inflation figures came in below what analysts had anticipated, although the U.S. greenback stayed close to a 19-month peak and market participants continued to fully price in a Federal Reserve rate increase for December.
At this exact time on Thursday, bitcoin changed hands near $72,800. It retreated toward $71,000 by Thursday evening prior to giving way late in the night, breaching the $70,000 threshold and sliding down to that midnight bottom. This downward movement also pushed the bitcoin price under its 200-week moving average, which is a key long-term technical trendline positioned around $68,000. Accumulators pushed it back over $69,000 ahead of dawn, and the recovery extended toward $69,800 following the release of the producer price statistics.
A stronger dollar and higher yields weigh on the bitcoin price
The U.S. Dollar Index maintained levels above 103 on Friday following a three-day surge that lifted it to its loftiest level since April 2025. The 10-year Treasury yield sat near 5.15% prior to the numbers coming out, while two-year yields, which track central bank expectations most closely, headed toward their worst weekly performance since 2024, according to Bloomberg.
Derivatives investors still calculate an 88% probability of a 25-basis-point increase during the Fed gathering on December 8-9 alongside a 12% probability of a half-point adjustment, according to CME FedWatch figures. Federal Reserve Governor Christopher Waller has brought a 50-basis-point upward adjustment into the conversation, and New York Fed President John Williams stated on Thursday that consumer inflation remains elevated and monetary officials must take additional measures.
Elevated borrowing costs increase the expense of holding an asset that distributes no yield, and a powerful currency generally diminishes appetite for speculative risk assets. Both factors have pressured bitcoin valuations ever since the hotter-than-forecast consumer price index earlier in the week.
Furthermore, bitcoin has decoupled from technology equities. It retreated by 5.9% between November 5 and November 12 while the Nasdaq 100 advanced by 6.4%, signaling that it is currently trading more in response to bond yields and currency strength rather than artificial intelligence enthusiasm. Nasdaq 100 futures traded higher by roughly 0.6% on Friday following the producer price release, as market participants also evaluated Nvidia’s announcement that Jensen Huang had stepped down from his role as CEO.
Leverage unwinds and ETF selling continues
The drop beneath $70,000 triggered a cascade of compulsory liquidations. Roughly $1.64 billion worth of digital asset positions were liquidated over a 24-hour window, with bullish long bets making up almost 89% of the aggregate and bitcoin holdings responsible for $916 million of that total.
U.S. spot bitcoin exchange-traded funds intensified the downward pressure. These investment vehicles registered roughly $47.7 million in net outflows on Thursday, marking their sixth consecutive day of capital withdrawals and lifting the cumulative total for this sequence to approximately $1.49 billion. BlackRock’s iShares Bitcoin Trust (IBIT) alone shed about $2 billion across nine sessions ending Wednesday, and the broader group has now shifted into roughly $1.56 billion in net negative flows for the year 2026.
Market sentiment has deteriorated concurrently. A widely tracked digital asset fear and greed barometer sank to 20 on Friday, marking its lowest reading since July 8, and the leading cryptocurrency is currently on pace for a second successive negative year.
Market positioning has shifted toward defensive stances. Average perpetual swap funding rates dropped into negative territory for the first time in a month as the price declined toward $68,500, indicating that short sellers are currently paying a fee to sustain their bearish bets. Order books are likewise shallow. Bitcoin order-book depth across leading trading platforms shrank to $72 million on November 9, sitting about 33% beneath standard levels. “Liquidity remains thin while leverage stays elevated, leaving the market vulnerable to sharp moves in either direction,” remarked Tanay Ved, a senior research associate at Talos.
Producer prices rise less than expected
The Department of Labor reported on Friday that the Producer Price Index for final demand increased by 0.3% in October, falling short of the 0.4% monthly advance anticipated by economists, following an upwardly revised 1.4% jump in September. Core figures, which strip out volatile food and energy items, grew by 0.3%, meeting projections precisely. On an unadjusted basis, the headline measure advanced 6.5% compared to the same period a year prior, representing the largest 12-month gain since November 2022. This slightly softer inflation report relieved some pressure from the U.S. currency, which nevertheless remained above 103, though a December rate increase continues to be entirely priced in, providing minimal consolation for the bitcoin price as the market enters the weekend.
At the time of composition, the price of bitcoin hovers close to $69,800.
Originally published at https://bitcoinmagazine.com/markets/bitcoin-price-trades-near-69100-dollar.