Bitcoin Slips Below $63,000 as Market Sentiment Cracks

Bitcoin's price slipped to $63,000 on August 1, 2026, after failing to hold above a key support band. This drop marks the continuation of a downtrend that began with the July 31 close, when Bitcoin failed to defend its previous high.

The 50-day simple moving average (SMA) sits near $63,370, while the 0.236 Fibonacci retracement is slightly higher at approximately $63,620. These levels represent a resistance area for Bitcoin, and a brief move back into the range would not repair the breakdown. To recover, Bitcoin would need to close above both levels.

The price remains inside a descending channel drawn from the July 21 high, with lower highs intact. The lower boundary of this channel is approaching horizontal support around $62,100, which has previously stopped pullbacks on July 9 and July 14. A daily close below this level would break both the horizontal floor and the lower channel boundary.

Bearish commentary reached a record low ratio of 0.58 bullish comments for every bearish comment across social platforms tracked by Santiment. This reading followed reports of a Coldcard firmware exploit, which brought concerns about self-custody security back into focus. Even Binance founder Changpeng Zhao weighed in on the issue, warning that no storage method is completely free of risk.

The current chart does not show another clearly established support immediately underneath $62,100. The next clearer signal would come from a daily close back above the former support band or below $62,100.