Bitcoin (BTC) Long Liquidations Hit $447 Million in 24 Hours

Bitcoin News

Forced deleveraging became the dominant Bitcoin (BTC) story over the past day, as derivatives data showed $447 million in long positions liquidated across crypto markets. That is the largest long-side flush since June 25 and dwarfed $147 million in short closures. Bitcoin slipped as low as $63,555 before changing hands near $63,604, a 2.4% daily decline. Traders pointed to caution ahead of the Federal Reserve rate decision and PCE inflation data, Middle East risk, weaker U.S. equities and rising exchange inflows. The move also pressured major tokens, with Ethereum, XRP and Solana all lower. Our Bitcoin desk reading is that leverage, not spot demand, drove the latest leg lower.

Charles Schwab crypto research head Jim Ferraioli argues that Bitcoin's fair value should be anchored to the economics of ASIC mining rather than short-term sentiment, placing that theoretical level near $95,000. In his framework, the most efficient operators mine BTC around $60,000 per coin, while higher-cost producers approach $95,000. That makes the low-$60K zone a fundamental support, especially because it overlaps with the 200-week moving average around $60,000 to $62,000. Ferraioli did not present $95,000 as a near-term target. He described the current phase as closer to a seasonal slowdown, while naming regulatory clarity and institutional inflows as the main catalysts for any durable recovery.

The macro backdrop intensified after U.S. trading hours, when Bitcoin fell about 2.7% to roughly $63,200 as Asian equities sold off. South Korea's Kospi dropped 10% to its lowest level since mid-April, dragging technology names and feeding risk-off sentiment across the broader altcoin market. At the same time, the U.S. Senate postponed work on the CLARITY Act to prioritize a Russia sanctions bill, leaving only a narrow window before the Aug. 8 recess. Market strategists noted that Bitcoin tends to track equities most closely when stress is driven by rates and macro policy, while it can decouple when equity weakness is sector-specific.

Earlier in the session, the price structure was even more damaging. Bitcoin had held $64,000 over the weekend and twice pushed to $65,600 on Monday, but both attempts failed. The second rejection triggered a nearly $3,000 slide within hours and sent BTC to $63,000, its weakest level since July 17. About $80 billion of crypto market value left during the Tuesday morning crash, while derivatives data at the time showed almost $700 million in liquidated positions and more than 165,000 traders forced out. The rout spread across large-cap altcoin tokens, with Ethereum below $1,900 and XRP losing $1.10.

A corporate disclosure from Strategy added another layer to the risk-off tape. The company issued $545 million in common shares, increased preferred-share dividend reserves by $525 million and repurchased $25 million of its STRC preferred stock. It did not announce a new Bitcoin purchase, which stands out because such acquisitions have often been central to the firm's treasury strategy. The move looks designed to strengthen the capital structure and prepare for preferred dividends rather than expand immediate BTC exposure. Despite the absence of a fresh buy, both Strategy's common and preferred shares traded higher, suggesting investors focused on balance-sheet repair rather than near-term accumulation.

Bitcoin's longer-term scorecard offered a mixed signal. Weekly performance turned negative at -3.23%, ending a four-week run of gains that included +6.83% in week 26 and smaller advances in the following three weeks. July still shows a +7.94% monthly return, slightly above the historical July average of +7.63 but just under the +8.16 median. The current quarter is also tracking ahead of the third-quarter average of +6.19. Even so, Bitcoin remains down 27.2% year to date, underscoring that 2026 has carried bear market pressure despite periodic relief rallies and seasonal strength. The pattern shows monthly repair can coexist with a weak annual trend.

COINOTAG's proprietary 42-indicator composite S/R scoring engine frames Bitcoin's pullback inside a sideways structure, with spot at $63,534 and a 24-hour decline of 2.98%. The engine rates the $63,331 support at 80/100, driven by Flip R→S and SMA 50 confluence, while the $61,784 backup support scores 65/100 from HVN and Supertrend. Upside resistance at $63,799 scores 69/100, tied to Fibo 0.236 and MACD Cross, and $66,442 scores 70/100 from BB Upper and R2. Derivatives show slightly negative funding at -0.0006%, $12.54 billion open interest and a 1.98 long-to-short ratio, indicating crowded longs. With Fear and Greed at 29, a daily close above $63,799 could stabilize momentum; losing $61,784 would invalidate the bullish case.