A sense circuit is provided in which the threshold voltage of a memory cell is sensed relative to two different levels using a single control gate voltage on the memory cell. These two levels can be lower and higher verify voltages of a data state in a programming operation, or two read levels of a read operation. A sense node is charged up to a peak level by a pre-charge voltage and by capacitive coupling. The sense node then discharges into the bit line. The sense node voltage is decreased first and second times by capacitive coupling after which first and second bits of data are output based on a level of the sense node. The first and second bits indicate a level of the sense node relative to the lower and higher verify voltages, respectively.