Bitcoin Faces Risk of Falling Below $62K Amidst Weakening Momentum

Bitcoin's price remains under pressure as it trades near $62,979 after retreating from July's high of $66,900. The asset is currently testing the $63,150 Fibonacci support level, which separates consolidation from a deeper pullback.

A daily close below this level could expose $62,000 and later $60,000, highlighting the growing risk of another sweep to the lows.

Despite this, July's institutional flow picture stayed positive with US spot Bitcoin ETFs collecting about $172.4 million during the month, a gain that survived heavy selling in the final sessions.