Bitcoin Price Slips Below $64K Amid Fed Anticipation
Bitcoin's price fell below $64,000 on Tuesday as traders took steps to limit their risk ahead of the Federal Reserve's interest-rate decision. The price dropped to around $63,327 before recovering slightly to $63,858.
The decline was driven by a combination of factors, including ETF outflows and leveraged liquidations. US spot Bitcoin ETFs posted net outflows of $11.64 million on July 27, while BlackRock's IBIT led the daily withdrawals with $8.82 million.
According to crypto analyst Michaël van de Poppe, Bitcoin will target $68,000 in early August and break out above that to reach $75,000+. However, on-chain analyst Ardi noted that Bitcoin's market-value-to-realized-value ratio stood at 1.21, which is still above the levels associated with previous bear-market lows.