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Bitcoin slides after failed rally, triggering broader crypto liquidations

Crypto liquidations topped $670 million in 24 hours, with $533 million wiped from long positions as BTC fell back toward the low $60,000s.

Reported · Written up by our desk · Market Structure

Bitcoin’s brief rally stalled and turned into a slide, with traders interpreting the move as a bull trap rather than a recovery. Decrypt’s morning snapshot put BTC around $63,400, down 2.7%, after a drop from about $66,921 that failed at a “golden zone,” and price later fell to roughly $62,684 in early trading.

Decrypt pointed to bearish signals across daily-chart indicators and said the broader market opened red and stayed red, reinforcing the risk-off tone. It also cited expectations for Bitcoin declines, including trader bets on $55K before $84K.

The selloff accelerated in part through forced liquidations, with more than $670 million in crypto wiped out over 24 hours, including $533 million from longs. Alongside Bitcoin, Decrypt reported Ethereum near $1,875 (-4.2%) and Solana near $73 (-4.4%).

The article tied crypto weakness to macro pressure, noting the Federal Open Market Committee meets over July 29, with markets expecting a rate hold in the 3.50% to 3.75% range. Decrypt said recent history from a Warsh press conference, when rate hike odds rose and 2-year Treasury yields jumped, has left traders less willing to hold risk into the decision, while other assets like oil and gold also dipped.

Latest closeGold $4,292.50 ▼0.6%|Bitcoin $84,310.25 ▼0.1%|Ethereum $2,685.67 ▲0.0%

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