Bitcoin retreats to about $63,000 after failing three times at $65,500
After a July 27 rally tied to easing U.S.-Iran tensions stalled at $65,500, Bitcoin fell below $63,000 amid weak spot ETF inflows, policy uncertainty, and heavier long liquidations ahead of a Federal Reserve decision.
Bitcoin swung sharply across July 27-28, rallying as high as $65,500 before repeated failures at that resistance level gave way to a broader pullback that briefly pushed the token below $63,000. It was later quoted at $63,010 on July 28, down 3.93% over 24 hours, according to HTX market data. The decline was linked to weak spot Bitcoin ETF inflows, political wrangling over the CLARITY Act, Strategy’s pause in bitcoin purchases despite a $544.5 million MSTR share sale, and positioning ahead of a closely watched Federal Reserve decision. Liquidation figures differed across reports: one cited roughly $75 million in total liquidations over 24 hours, while another said $134 million in long positions were wiped out as Bitcoin broke below $63,000.
- liquidations: Forced closure of leveraged positions after losses breach margin requirements.
- spot Bitcoin ETFs: Funds that hold Bitcoin directly and track its market price.
- CLARITY Act: Digital asset legislation aimed at setting U.S. crypto market rules.