Bitcoin dips below $66,000 as market sentiment turns bearish

Bitcoin fell below $66,000 on Saturday afternoon, marking the first time the cryptocurrency has dropped beneath that level since August. The price decline followed a broader selloff in the crypto market, with Bitcoin trading at $66,485 on Saturday morning, a decrease of 3.96 percent over 24 hours and 12.26 percent over seven days. Other major assets, including Ethereum, XRP, and Solana, also declined in value during the same period.

Market Sentiment and On-Chain Data

Matt Hougan, Chief Investment Officer at Bitwise, stated that the current market conditions resemble the mid-2018 period, describing the industry as "exhausted" with many investors having left the market. Hougan warned that the sector could "wander through the wilderness" for a while before stabilizing, citing ongoing investor assessment of the long-term effects of recent elections, Binance-related developments, and tighter monetary policy. Despite the downturn, Hougan identified a potential "big buying opportunity" ahead, though he noted the timing is difficult to predict.

On-chain data from CryptoQuant indicated that short-term holders are sitting on losses, with approximately 84,000 BTC sold at a loss in 14 of the last 16 days. Large Bitcoin holders accumulated around 47,000 BTC, while mid-sized wallets sold around 50,500 BTC. Bitcoin's 30-day apparent demand dropped to -284,000 BTC, the lowest reading since April 2025.

The decline in Bitcoin has also impacted other digital assets. Hyperliquid, a decentralized exchange for perpetuals, saw its token, HYPE, fall to around $62 overnight into Sunday, November 15, 2026. According to CoinGecko, HYPE cost $62.49 at 2:47 a.m. CET, down 12.4 percent from 24 hours earlier. This represents the lowest level for the token since August. On Kraken, HYPE closed Saturday at $64.30, a loss of 10.3 percent in a single day, with an intraday low of exactly $60.00.