Bitcoin fell on Saturday, November 14, to about $65,000, its lowest level in roughly three months. Over the week, the largest cryptocurrency lost about 13.5%.
Price on Saturday
According to quotes from exchanges, including Binance and Coinbase, at 5:44 p.m. Polish time BTC traded at about $65.3 thousand, 4.8% lower than a day earlier. It touched the $65,000 level at one point. The decline was not a sudden collapse: the price had been sliding steadily since Friday evening, after U.S. markets closed, losing another nearly 3%.
Saturday’s trading broke through Friday’s low near $67.5 thousand, which was also the lowest since August. On Thursday evening, the price was still hovering near $71,000.
Altcoins Losing More
Over the week, Bitcoin lost about 13.5% of its value. Ether dropped 18%, XRP 16.3%, and Solana 18%. On Friday, BTC was on track for its sixth consecutive weekly loss. The market is under pressure from, among other things, a stronger dollar and a fully priced-in Fed rate hike in December, according to Bitcoin Magazine.
The crypto market has been in a downtrend for months. The all-time high is $126,080, and we wrote about how Bitcoin fell almost 50% from its peak in February, when the price was around $65,000. The current level therefore marks a return to the lows seen at the beginning of the year.
“Deep Value Zone”
Analyst James Check, known online as _Checkmate, wrote on X that he is watching the “fourth capitulation event” since the price peak. He noted that his Mean Reversion Index is at Q18, meaning in the bottom 18% of its distribution. He considers values below Q20 to be a deep value zone.
According to Check, the market has not seen this level since February and the end of June this year, and earlier at the end of the 2022 crypto winter. The analyst cautioned that this does not yet mean the bottom has been reached. In his view, those now selling are mainly people who did not buy around $60,000 in the summer and bought at higher prices above $80,000 in September. This is the opinion of one analyst, not market data.
