Bitcoin Slides to $63,400 as ETF Inflows Fail to Stem Corporate Selling

Bitcoin's price action over the past 24 hours has seen it stall at $63,400 after a series of events that weighed on its value. The cryptocurrency had initially appeared to have strong support just below $64,000 but lost momentum after breaching that level.

The trend continued from Monday night until shortly before 4 a.m. EST on Aug. 11, when a rally pushed prices past $64,400 around 8:15 a.m. However, the rally was short-lived, as bitcoin shed more than $1,000 over the next three hours, plummeting to an intraday low of $63,394.

The impact of corporate selling and a massive $5 billion liquidation authorization from Strategy on bitcoin's price appeared partially offset by $854 million in weekly inflows into spot bitcoin exchange-traded funds (ETFs).