Bitcoin Slumps Below $64,000 as $100 Million Wiped Out

Bitcoin's price dipped below $64,000 on July 28, marking its third slide under this level since July 24. The decline was accompanied by a wave of liquidations, with approximately $100 million in leveraged positions wiped out within an hour.

This latest downturn is the fastest of the week, surpassing earlier liquidation events triggered by similar price drops. The $64,000 threshold has become a focal point for bitcoin traders, with some attempting to break past resistance at $65,500.

South Korea's KOSPI index plummeted 8.02% on July 28, its eighth circuit breaker of the year, as US semiconductor stocks declined sharply. This selloff contributed to the risk-off mood that has characterized the crypto market in recent times.

The Federal Reserve's upcoming meeting and potential rate cut have been pushed later across several forecasts, adding uncertainty to the market. Meanwhile, traders are holding onto bets on a recovery despite short-term liquidations piling up around the lower end of the $65,000 to $70,000 range.