Bitcoin Slides to $65,900 as Traders Bet on a December Fed Hike

Bitcoin traded near $65,900 on November 14, down 4.5% in twenty-four hours and 9.5% over a week. That marks its lowest level in twelve weeks. Ether sits around $1,850, while Solana has slipped back below $80. BTC is still about 16% above its late-June low near $59,000, but it has shed nearly 21% since its autumn peak around $86,000.

The trigger is the Fed. Governor Christopher Waller backs a hike of at least 25 basis points at the December 8-9 meeting, and says a 50-point move should be on the table if monthly core inflation reaches 0.3% or higher — a condition that has now been met. “A more aggressive FOMC action could be necessary,” he said in his official speech. His stance is personal and not a collective Fed decision.

Markets aren't waiting for December. As of November 13, rate contracts put a 91.9% probability on a 25 basis point hike, against 8.1% for 50 points. The dollar index pushed above 103, its highest since April 2025. Since bitcoin pays no interest or dividends, rising yields on safer assets raise the cost of holding it, leaving its price more dependent on fresh capital and risk appetite.

ETF flows are amplifying the move. U.S. products saw about $1.49 billion in outflows between November 5 and 12, according to the report, though they still hold nearly $55.5 billion in cumulative net inflows — no sign of a broad institutional exit. The decline instead shows ETFs now pass macroeconomic shifts into crypto faster, with investors able to cut bitcoin exposure as easily as selling a tech stock.

Technically, bitcoin's relative strength index has dropped to 25.4, a level below 30 that typically signals an oversold market. The ADX sits at 25.3, suggesting the downtrend is still structured. First support is around $67,650; a break there exposes roughly $64,000. To the upside, BTC needs to reclaim $70,815 and $72,775 before hitting resistance between $74,355 and $75,937.

Two dates matter more than any chart level. The Fed's October meeting minutes land on November 18, followed by PCE data on November 25, giving traders a read on whether the central bank leans toward a standard hike or something sharper.