Bitcoin slipped nearly 2% on Tuesday, dropping to an intraday low of $62,684 before bouncing back slightly to trade around $63,660. This sharp decline erased $134 million in leveraged long positions, marking a significant jump from the $30 million liquidated the day before.
The sell-off weighed on the broader crypto market, with total long liquidations hitting $515 million compared to $98 million in shorts. Despite this sudden dip, bitcoin’s market cap still holds above $1.27 trillion, and the cryptocurrency remains poised to close July with modest gains after suffering double-digit losses in June.
Pressure is mounting ahead of a critical week featuring the Federal Open Market Committee's policy decision and fresh core inflation data. These events could push bitcoin either toward $70,000 or drag it down as low as $58,000. The volatility comes as investors digest shifting Fed signals and anticipate earnings reports from major tech companies.
This content is for informational purposes only and should not be considered financial advice.
