Bitcoin Crashes Below $64,000 to a Fresh Three-Month Low as Saturday Sell-Off Deepens
Bitcoin fell below $64,000 on Saturday, touching a fresh three-month low as the cryptocurrency’s steep slide from its autumn highs accelerated into the weekend, dragging Ether, XRP and Solana down with it.
The world’s largest cryptocurrency was trading near $63,900 late Saturday evening, down about 8 percent since U.S. stock markets closed on Friday, according to CoinDesk. Earlier in the day it touched a low just above $62,000, its weakest level in about three months. Data from the Kraken exchange put the day’s low at $63,242.60 during the 4 p.m. Central hour — the lowest since August 17 — before a modest bounce to roughly $64,100 by early evening.
Bitcoin is now down 17 percent over the past week. Ether has fallen 22 percent in the same period, as have XRP and Solana, CoinDesk reported.
A week of steady selling
The slide is the latest leg of a correction that has now erased more than 20 percent of bitcoin’s value since early October. Bitcoin broke below $70,000 on Friday for the first time since August 19, and kept falling through Saturday as weekend trading broke through support levels that had held earlier in the week.
CoinDesk reported that more than $1.3 billion in crypto futures positions were liquidated in the 24 hours around Friday’s break below $70,000, citing data from CoinGlass. Market data provider The Kobeissi Letter put total 24-hour liquidations at about $1.8 billion by Saturday, with roughly $330 billion wiped from the total crypto market value this week.
Sentiment has turned sharply fearful. The Crypto Fear and Greed Index fell to 10 out of 100 on Saturday, deep in “extreme fear” territory, according to PlainBTC.
“Deep value zone,” analyst says
Onchain analyst James Check said Saturday that bitcoin has entered what he called a “deep value zone,” last seen in February and late June of this year — and before that, late in 2022’s crypto winter.
“We’re watching the fourth capitulation event since the all-time high,” Check wrote early Saturday.
He said most of those selling now are buyers who hesitated last summer when bitcoin traded in the mid-to-high $60,000s, then bought in September in the $80,000s as prices surged. “They are now selling at the very price they wish they had taken advantage of three months ago,” he wrote.
Check cautioned that entering the deep value zone does not mean the bottom is in, but said history shows buyers who begin accumulating at these levels have eventually come out ahead.
What drove the sell-off
CoinDesk attributed the slide to a combination of pressures: turmoil in technology stocks, concerns around Strategy — the largest corporate holder of bitcoin — and demand for shares in Anthropic’s closely watched initial public offering, which has drawn money away from risk assets.
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The selling also comes after a week in which U.S. spot bitcoin exchange-traded funds recorded seven straight days of outflows totaling about $1.07 billion, according to market reports.
Why this matters
Bitcoin’s drop matters beyond crypto holders. The token has become a barometer for risk appetite across markets, and its slide has coincided with a rough week for technology shares on Wall Street. Crypto-related stocks including Coinbase and Strategy have fallen alongside the token, and the sell-off has erased much of the year’s gains for late buyers.
For everyday investors, the weekend move is a reminder of how quickly sentiment can turn: bitcoin traded above $80,000 as recently as September, and is now testing levels last seen in the summer.
What to watch next
The next test comes when U.S. markets reopen on Monday, November 16, when fresh data on ETF flows will show whether the selling is easing — or accelerating. Traders will also watch whether bitcoin can hold above the $62,000 area, where it found support earlier this year, or whether a break below it opens the door to deeper losses.
Frequently Asked Questions
How low did bitcoin fall on Saturday?
Bitcoin touched a low just above $62,000, according to CoinDesk, and $63,242.60 on the Kraken exchange — its lowest price since August 17. It was trading near $63,900 late Saturday evening.
How much has bitcoin fallen in the past week?
Bitcoin is down 17 percent over the past week, CoinDesk reported. Ether, XRP and Solana are each down about 22 percent over the same period.
Why is bitcoin falling?
Analysts point to a mix of factors: weakness in technology stocks, concerns around major corporate holder Strategy, money flowing toward Anthropic’s IPO, forced selling from leveraged traders, and seven straight days of outflows from U.S. spot bitcoin ETFs.
What is the “deep value zone”?
Onchain analyst James Check uses the term for price levels where bitcoin has historically been cheap relative to its longer-term trend. He said bitcoin entered that zone on Saturday, last seen in February and late June of this year. It does not guarantee the price has bottomed.
Bitcoin’s weekend rout has turned a correction into a rout, and with U.S. markets closed until Monday, crypto traders face another day of thin weekend trading before the next read on whether buyers are ready to step back in.
Sources: CoinDesk; PlainBTC (Kraken data); The Kobeissi Letter
