Bitcoin Stabilizes at $63,700 as Fed Rate Decision Looms

Bitcoin (BTC) stabilized near $63,700 on July 29 after recovering from an 11-day low. The modest 1.2% gain comes amid heightened market uncertainty driven by a confluence of macroeconomic and sector-specific factors.

The sell-off in Asian technology stocks triggered a broad risk-off sentiment sweeping global markets. Major players like SK Hynix and Samsung Electronics saw their shares plunge amid growing concerns about slowing demand for artificial intelligence (AI) components and tightening financing conditions.

These developments rattled investor confidence across risk assets, including cryptocurrencies. Over $600 million worth of leveraged positions were liquidated since July 27, mostly long bets on Bitcoin, underscoring the fragility of recent bullish momentum.