Bitcoin Slips Back Below $64,000 as $100M in Leverage Gets Wiped Out in One Hour

Bitcoin fell under $64,000 on July 28 after about $100 million in leveraged crypto positions were liquidated within an hour, the third flush at roughly the same level since July 24. The latest breakdown echoes two earlier episodes this week. Late last week, bitcoin retreated from nearly $67,000 and the move sparked roughly $87 million in liquidations, including about $70 million in longs and $17 million in shorts. Three days later, repeated failures to break above $65,500 pushed 24-hour liquidations to around $75 million, with price sliding to an intraday low of $64,336. Monday's selloff was faster than both prior events, with liquidations concentrated into a single hour. Risk-off sentiment intensified as South Korean equities sold off sharply. The KOSPI dropped 8.02%, or 542.24 points, to 6,213.51, triggering its eighth circuit breaker of 2026 amid a plunge in U.S. semiconductor stocks. A similar chip-led slide on July 13 marked the exchange's seventh circuit breaker of the year. Crypto has tracked semiconductor and broader tech shares for much of 2026. In mid-July, when the Philadelphia Semiconductor Index gave back gains tied to AI infrastructure optimism, market observers noted that crypto had increasingly traded as a high-beta extension of the tech sector. That episode also saw bitcoin fall 1.2% to below $63,000 alongside a wider tech pullback. Traders are now focused on the Federal Reserve's policy decision. The Fed, chaired by Kevin Warsh, began its July 28–29 meeting with the federal funds rate held at 3.50%–3.75% for a fourth straight meeting. Forecasts for the timing of any 2026 rate cut have shifted later, and a policy statement is due tomorrow. Bitcoin.com News has highlighted the Fed decision, an upcoming vote on the Digital Asset Market Clarity Act, and two expected bitcoin forks in August as potential catalysts that could amplify volatility into month-end. With none resolved yet, the $64,000 area continues to be tested rather than decisively breaking. Positioning in options and leverage remains clustered between $65,000 and $70,000 strikes, indicating some traders are still leaning toward a rebound even as short-term liquidations accumulate near the lower end of the range. Additional headwinds cited include soft spot bitcoin ETF inflows and Strategy Inc.'s decision to keep $544.5 million in cash instead of adding to its bitcoin treasury.