Bitcoin Falls Below $63,000 as Selloff Deepens, Extending Decline to 26% From October Peak
Bitcoin dropped below $63,000 on Saturday evening, Nov. 14, extending a multiweek decline that has pushed the cryptocurrency more than 26% below its October peak. Price data from Coinbase and Bitstamp confirmed the move, marking another significant step lower in an ongoing market downturn.
Coinbase's BTC-USD spot market recorded a low of $62,534.04 in the one-minute candle beginning at 8:08 p.m. ET. At the same time, Bitstamp's BTC/USD market registered $62,545.38, providing confirmation of the decline across two separate spot trading platforms.
The latest Coinbase low represented a 12.5% decrease from the $71,500 snapshot low documented at 9:44 a.m. ET in The Defiant's Nov. 12 report.
Bitcoin Extends Its Four-Week Decline
The latest drop added to an already substantial correction. Before Saturday's additional losses, Bitcoin had declined 21.2% over four weeks on a close-to-close basis.
Coinbase daily candle data showed Bitcoin finished the Nov. 14 UTC trading session at $64,118.79. The closing price represented a 6.0% decline over 24 hours and a 15.4% decrease over seven days. The session concluded at 7 p.m. ET on Saturday.
Subsequent trading pushed the cryptocurrency below the $63,000 threshold, taking its intraday losses further beyond the levels reflected in the daily session close.
Bitcoin Trades 26.3% Below Its October High
The $62,534.04 low recorded on Coinbase highlighted the scale of Bitcoin's recent correction. The price was 17.8% below the $76,094.99 high recorded during the seven completed UTC sessions from Nov. 8 through Nov. 14.
The decline was even larger when measured against Bitcoin's October peak. The latest low stood 26.3% below $84,856.07, which was the highest price recorded during the 28 completed UTC sessions covering Oct. 18 through Nov. 14. That peak occurred on Oct. 21.
These percentages measure declines from intraday highs rather than close-to-close performance, providing a comparison of how far Bitcoin's latest low has moved below its recent price peaks.
Bitcoin Remains Below $63,000 After Initial Drop
Trading activity immediately following the breakdown showed Bitcoin remained under the key price level. Coinbase's one-minute candle beginning at 8:11 p.m. ET closed at $62,758.17.
Although the price recovered from the session low of $62,534.04, it remained below $63,000, indicating that the cryptocurrency had not reclaimed that threshold during the reported trading period.
source: thedefiant
Writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.
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