Bitcoin extended its prolonged decline on Friday, Nov. 13, sliding below the psychologically important $70,000 level for the first time since August. The world's largest cryptocurrency dropped as low as $67,770, its weakest price in 12 weeks, and has now lost more than 21% from its late September highs. Selling pressure also hit altcoins, with Ethereum among the sharp decliners.
According to German analytics firm MakroVision, citing Glassnode data, two major wallet groups have returned to accumulation after weeks of distribution. Wallets holding between 100–1,000 BTC and 1,000–10,000 BTC saw their Accumulation Trend Score rise above 0.5. However, the trend has not spread across the full market: other cohorts, from the largest wallets with more than 10,000 BTC to small investors with less than 1 BTC, continue to distribute. MakroVision said: 'So, new buying demand is currently coming from a limited segment of the market. This is a positive signal, but it’s not yet confirmation of a trend reversal.' The firm also noted the same groups had accumulated briefly in late September without a sustained recovery, making continued accumulation and broader participation critical.
Prominent crypto analyst Vetle Lunde urged investors not to panic. He pointed to BTC returning to its 200-week moving average, a daily Relative Strength Index reading of 25 in oversold territory, the fifth-largest wave of Bitcoin ETF outflows on record, and a large reduction in leverage. Exposure to 2x leveraged ETFs has fallen to its lowest level in 2.5 years. 'This is a great place to buy BTC,' Lunde said, adding: 'Don’t press the red panic button!'
Grayscale head of research Zach Pandl also argued Bitcoin is in a much different position than earlier this year, citing the balance sheet of Michael Saylor's Strategy. Conversely, gold advocate Peter Schiff warned that a further price drop could prompt holders of Strategy's STRC preferred stock to consider trimming positions, potentially creating additional selling pressure.
