Bitcoin Stuck Below $64,000 as AI Demand Concerns and Geopolitics Weigh

The crypto market remained under pressure on July 29, with Bitcoin's (BTC) recovery limited by its failure to break through the key $64,000 resistance zone. The price of BTC had been consolidating after a recent decline, finding support near $62,800 before rebounding toward $63,700.

A weaker-than-expected earnings report from SK Hynix contributed to market concerns over slowing AI demand, leading to a sharp correction in the memory chip sector. This triggered a technology sector correction that limited broader U.S. equity gains.

The Middle East tensions saw oil prices decline significantly, with WTI crude oil rebounding 4.5% after reports of an Iranian attack on a U.S. military base.