Bitcoin dips below its 200-week average near $68,000 as the dollar index tops 103 and about $1.6 billion in crypto bets are liquidated

Bitcoin briefly slipped below its 200-week moving average, a slow-moving gauge of its long-term trend, on Friday. The price fell to about $67,700, CoinDesk reported, against an average near $68,000. That is its lowest level since mid-August and leaves bitcoin down about 16% over the past month.

Leverage sped up the fall. CoinDesk, citing CoinGlass data, put liquidations across crypto futures at about $1.64 billion over 24 hours, with long positions making up 88.7%. Ether dropped to $1,900, its lowest since August 18. Glassnode data cited by CoinDesk showed bitcoin's average perpetual futures funding rate turning negative for the first time in a month, meaning traders betting on falls were paying those betting on gains.

The pressure came from outside crypto as well. The dollar index climbed above 103 and the 10-year Treasury yield stood at about 5.13%, after hotter-than-expected inflation data. CME FedWatch showed an 88% chance of a quarter-point rate increase at the Fed's December 8–9 meeting, CoinDesk said.

Funds have been selling too. US spot bitcoin ETFs had a sixth straight day of net outflows on Thursday, CoinDesk said, citing Farside Investors. Next come October producer prices, due Friday, and the Fed's rate decision on December 9.