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.
Key Takeaways
Bitcoin’s price broke below $64,000 for the third time since July 24, when an earlier slide triggered an $87 million liquidation event.South Korea’s KOSPI plunged 8.02% earlier today, tripping its eighth circuit breaker of 2026 on a U.S. semiconductor stock plunge.The Fed, chaired by Kevin Warsh, opened its July 28-29 meeting with the funds rate held at 3.50%-3.75% for four straight meetings.Crypto and semiconductor equities have moved in tandem for much of the year. Coverage of a mid-July selloff, when the Philadelphia Semiconductor Index unwound gains built on AI infrastructure enthusiasm, noted that “over the past two years, crypto has increasingly traded as a high-beta extension of the tech sector.”
That same episode saw bitcoin fall 1.2% to below $63,000 alongside a broader tech drawdown, once again demonstrating how swings in Seoul and on Wall Street’s chip desks have repeatedly spilled into digital-asset prices.
The bigger catalyst may still be ahead given that the Federal Reserve, under Chair Kevin Warsh, opened its two-day meeting on July 28 with the federal funds rate parked at 3.50%-3.75% for a fourth consecutive meeting, and outlooks on the timing of any 2026 rate cut have already been pushed later across several forecasts.
That said, none of those catalysts have resolved yet, which helps explain why $64,000 keeps getting tested from both sides rather than breaking decisively. Options and leverage positioning has clustered between the $65,000 and $70,000 strikes, meaning traders are still betting on a recovery even as short-term liquidations pile up around the lower end of that range.
Lastly, weak spot bitcoin exchange-traded fund (ETF) inflows and Strategy Inc.’s decision to hold $544.5 million in cash rather than add to its bitcoin treasury are also being cited as tangible headwinds that traders are likely to treat as the next real test of whether support holds.
