Bitcoin Price Plunges Below $63,000 as ETF Outflows Continue
Bitcoin's recent recovery above $65,000 was short-lived as the price dropped to around $63,350 on July 28. This marks a significant reversal from the previous day when it reached $65,600.
The current price is almost directly on the 50-day simple moving average at $63,275, which could be a key support level for Bitcoin in the short term.
US spot Bitcoin ETFs have recorded net outflows for three consecutive trading days, with combined outflows reaching approximately $476.9 million over those sessions. This adds pressure on the market as buyers attempt to hold support at the wider $63,300, $63,600 area.
A report by CryptoQuant suggests that exchange reserves have fallen by roughly 78,000 BTC over six months, from 2.783 million to 2.705 million BTC. This could indicate that holders are moving Bitcoin into self-custody, leaving fewer coins available for trading and potentially making the market more responsive if buyers return.