Bitcoin Price Briefly Crashes to $67,500, Lowest Since August, as Dollar Holds 19-Month High

Bitcoin Magazine

Bitcoin Price Briefly Crashes to $67,500, Lowest Since August, as Dollar Holds 19-Month High

Bitcoin price traded near $69,800 on Friday morning after briefly crashing to about $67,555 around midnight Eastern, its lowest level since mid-August, according to Bitcoin Magazine Pro data. The rebound held after October producer prices rose less than economists had expected, though the U.S. dollar remained near a 19-month high and traders still fully priced a December Federal Reserve rate hike.

Bitcoin price was trading near $72,800 at this time Thursday. It slipped toward $71,000 by Thursday evening, then gave way late at night, breaking below $70,000 and sliding to that midnight low. The move also pushed the bitcoin price below its 200-week moving average, a long-term trend line near $68,000. Buyers lifted it back above $69,000 before sunrise, and the rebound extended toward $69,800 after the producer-price report.

A stronger dollar and higher yields weigh on the bitcoin price

The U.S. Dollar Index held above 103 Friday after a three-day rally took it to its highest level since April 2025. The 10-year Treasury yield was near 5.15% ahead of the data, and two-year yields, which track Fed expectations most closely, were on pace for their worst week since 2024, Bloomberg reported.

Traders still see an 88% chance of a quarter-point hike at the Fed’s Dec. 8-9 meeting and a 12% chance of a half-point move, CME FedWatch data show. Fed Governor Christopher Waller has added a 50-basis-point increase to the discussion, and New York Fed President John Williams said Thursday that inflation remains high and policymakers need to take further action.

Higher rates raise the cost of holding an asset that pays no interest, and a stronger dollar tends to drain demand for risk assets. Both have pressured the bitcoin price since this week’s hotter-than-expected consumer price index.

Bitcoin has also broken from tech stocks. It fell 5.9% between Nov. 5 and Nov. 12 while the Nasdaq 100 gained 6.4%, a sign it is trading more on yields and the dollar than on the AI trade. Nasdaq 100 futures were up about 0.6% Friday after the producer-price report, as investors also weighed Nvidia’s announcement that Jensen Huang had resigned as CEO.

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