Bitcoin Price Plummets Below $63K After Security Breach and ETF Outflows

Bitcoin's price dropped to $62,726 on August 3, marking a 1.22% decrease in value.

The decline has pushed Bitcoin below all four daily Exponential Moving Averages (EMAs), with the Relative Strength Index (RSI) at 44.32, indicating weakening momentum.

A recent security breach involving Coldcard firmware drained an estimated $89 million from over 1,200 wallets in just 41 minutes on July 30.

Additionally, spot Bitcoin ETFs recorded a significant outflow of $265.37 million on July 31, marking the first negative week for these funds in a month.