Bitcoin Falls Below $64,000 Again as $100 Million Liquidated in an Hour

Bitcoin fell back under $64,000 on July 28 as roughly $100 million in leveraged positions were wiped out across the crypto market inside 60 minutes, marking the third time this week traders have been flushed out around that level.

Bitcoin’s Third Break Below $64,000 This Week

The $64,000 level has become a battleground for bitcoin traders over the back half of July. A slide below the level late last week saw the asset retreat from nearly $67,000, triggering an $87 million liquidation event split between $70 million in long positions and $17 million in shorts. Three days later, bitcoin failed three separate attempts to clear resistance at $65,500, pushing total 24-hour liquidations to $75 million as the price slipped to a session low of $64,336. Today’s move follows the same script, with roughly $100 million liquidated in a single hour.

KOSPI’s Chip-Stock Rout Adds to Risk-Off Mood

The liquidations coincided with a sharp selloff in South Korean equities. The KOSPI dropped 8.02%, or 542.24 points, to 6,213.51, triggering its eighth circuit breaker of the year on a plunge in U.S. semiconductor stocks. Crypto and semiconductor equities have moved in tandem for much of the year, and a mid-July selloff saw bitcoin fall 1.2% to below $63,000 alongside a broader tech drawdown.

Traders Eye the Fed’s Rate Call

The bigger catalyst may still be ahead, given that the Federal Reserve opened its two-day meeting on July 28 with the federal funds rate held at 3.50%-3.75% for a fourth consecutive meeting. A policy statement is expected tomorrow, with Bitcoin.com News flagging the Fed’s decision, alongside the pending Digital Asset Market Clarity Act vote and two anticipated Bitcoin forks in August, as converging catalysts that could drive sharper price swings into month-end.

None of those catalysts have resolved yet, helping explain why $64,000 keeps getting tested. Options and leverage positioning have clustered between $65,000 and $70,000 strikes, indicating traders are still betting on a recovery. Weak spot bitcoin ETF inflows and Strategy Inc.’s decision to hold $544.5 million in cash rather than add to its bitcoin treasury are also cited as tangible headwinds that could test support.

Source: https://news.bitcoin.com/bitcoin-slides-under-64000-100-million-liquidated/