Crypto News
Bitcoin slipped back below $64,000 on July 28, trading at $63,582 and down 2.12% over 24 hours, as a fresh wave of liquidations hit the market for the third time around the same price zone in less than a week. Roughly $100 million in leveraged positions were wiped out across crypto in a single hour, the fastest of three flushes clustered around $64,000 since Friday.
Why it matters
The trigger this time was not crypto-native. South Korea's KOSPI dropped 8.02% (542.24 points) to 6,213.51, triggering the index's eighth circuit breaker of 2026, after a sharp selloff in US semiconductor names bled into Asian risk assets. Crypto and semis have traded in close correlation through most of 2026, with BTC increasingly behaving as high-beta tech exposure rather than a standalone macro hedge. The Federal Reserve opened its July 28 meeting with the federal funds rate held at 3.50% to 3.75% for a fourth consecutive pause, and rate-cut timing is being pushed further out across forecasts, keeping liquidity conditions tight.
Market impact
BTC has now rejected three breakout attempts through the $64,000 to $65,500 resistance band this week, with an intraday high of $64,955 and a session low of $63,108. The cleaner signal sits at $61,500: a daily close below that level reactivates downside pressure toward $59,100, with $58,000 as the next structural floor. On the supportive side, spot ETFs posted their largest net inflow since May at roughly $266 million, a reminder that institutional demand has not evaporated under the chop. The setup turns on Fed language on July 29 and whether semis stabilize; a softer tone plus a reclaim of $65,500 opens $68,000 to $70,000, while continued rejection with broader risk-off flows points back to the $59K zone.
Frequently asked questions
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Why did Bitcoin drop below $64,000 on July 28?
South Korea's KOSPI fell 8.02% to 6,213.51, triggering its eighth circuit breaker of 2026 after a sharp selloff in US semiconductor stocks. Crypto has traded as high-beta tech exposure for most of 2026, so the Asia risk-off move dragged BTC under $64K with roughly $100M in leveraged positions liquidated in one hour.
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How many times has Bitcoin been liquidated near $64,000 this week?
Three separate flushes have hit around the $64,000 zone in less than a week. Friday's session saw about $87M liquidated ($70M long, $17M short), followed by $75M in 24-hour liquidations after three failed attempts to clear $65,500, and roughly $100M in a single hour on July 28.
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What is the Federal Reserve's current interest rate stance?
The Fed opened its July 28 meeting with the federal funds rate held at 3.50% to 3.75% for a fourth consecutive pause. Multiple forecasts have been pushing rate-cut timing further out, keeping liquidity conditions tight for risk assets.
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What price levels are traders watching for Bitcoin now?
Resistance sits in the $64,000 to $65,500 band, with $71,000 to $72,000 as the next meaningful zone above. On the downside, $61,500 is the pivot; a daily close below it opens a retest of $59,100, with $58,000 as the next structural floor.
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Are spot Bitcoin ETFs still seeing inflows during the selloff?
Yes. Spot BTC ETFs posted their largest net inflow since May at roughly $266 million around the same window, indicating institutional demand has not evaporated despite the repeated rejections at $64,000 to $65,500.
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