Bitcoin broke below $64,000 on July 28 for the third time since July 24, triggering approximately $100 million in liquidations within a single hour. The liquidations occurred faster than two prior episodes this week, when Bitcoin's retreat from nearly $67,000 triggered an $87 million liquidation event on July 24, and three failed attempts to clear $65,500 resistance pushed 24-hour liquidations to $75 million three days later. The repeated tests of the $64,000 level coincided with an 8.02% plunge in South Korea's KOSPI index to 6,213.51, marking the exchange's eighth circuit breaker of 2026 on a U.S. semiconductor stock selloff.
Bitcoin Breaks Below $64,000 for Third Time Since July 24
The $64,000 level has become a battleground for bitcoin traders over the back half of July. Bitcoin.com News reported a slide below the level late last week when the asset retreated from nearly $67,000 and triggered an $87 million liquidation event, split between $70 million in long positions and $17 million in shorts.
Three days later, bitcoin failed three separate attempts to clear resistance at $65,500, which pushed total 24-hour liquidations to $75 million as the price slipped back to a session low of $64,336. Today's move follows that same script as roughly $100 million was liquidated inside a single hour, faster than either of the prior two episodes this week.
KOSPI Plunges 8.02% on Semiconductor Stock Selloff
The liquidations coincided with a sharp selloff in South Korean equities, with the KOSPI dropping 8.02%, or 542.24 points, to 6,213.51, triggering the index's eighth circuit breaker of the year on the back of a plunge in U.S. semiconductor stocks. It was the latest in a string of chip-driven routs this month; a similar KOSPI selloff on July 13 marked the exchange's seventh circuit breaker of 2026.
Crypto and semiconductor equities have moved in tandem for much of the year. Coverage of a mid-July selloff, when the Philadelphia Semiconductor Index unwound gains built on AI infrastructure enthusiasm, noted that "over the past two years, crypto has increasingly traded as a high-beta extension of the tech sector."
That same episode saw bitcoin fall 1.2% to below $63,000 alongside a broader tech drawdown, once again demonstrating how swings in Seoul and on Wall Street's chip desks have repeatedly spilled into digital-asset prices.
Federal Reserve Opens July 28-29 Meeting with Funds Rate at 3.50%-3.75%
The Federal Reserve, under Chair Kevin Warsh, opened its two-day meeting on July 28 with the federal funds rate parked at 3.50%-3.75% for a fourth consecutive meeting. A policy statement is expected tomorrow.
Bitcoin.com News flagged the Fed's decision, alongside the pending Digital Asset Market Clarity Act vote and two anticipated Bitcoin forks in August, as converging catalysts that could drive sharper price swings into month-end.
Options and leverage positioning has clustered between the $65,000 and $70,000 strikes, meaning traders are still betting on a recovery even as short-term liquidations pile up around the lower end of that range.
Strategy Inc. Holds $544.5 Million in Cash Instead of Adding Bitcoin
Weak spot bitcoin exchange-traded fund (ETF) inflows and Strategy Inc.'s decision to hold $544.5 million in cash rather than add to its bitcoin treasury are also being cited as tangible headwinds that traders are likely to treat as the next real test of whether support holds.
FAQ
What triggered the $100 million in Bitcoin liquidations on July 28?
Bitcoin broke below $64,000 on July 28 for the third time since July 24, triggering approximately $100 million in liquidations within a single hour. The liquidations occurred as the price failed to hold above the $64,000 level, which has become a battleground for traders over the back half of July.
Why did South Korea's KOSPI index trigger a circuit breaker on July 28?
The KOSPI plunged 8.02%, or 542.24 points, to 6,213.51 on July 28, triggering the index's eighth circuit breaker of 2026 on the back of a plunge in U.S. semiconductor stocks. A similar KOSPI selloff on July 13 marked the exchange's seventh circuit breaker of 2026.
What is the Federal Reserve's current federal funds rate?
The Federal Reserve, under Chair Kevin Warsh, opened its July 28-29 meeting with the federal funds rate parked at 3.50%-3.75% for a fourth consecutive meeting. A policy statement is expected tomorrow.
