Overview
- Bitcoin fell to the low‑$63,000 range on Tuesday, July 28, marking its lowest level in 11 days as traders priced a roughly one‑in‑three chance of a surprise Fed rate hike.
- U.S. spot Bitcoin ETFs recorded large net outflows late last week—about $225 million on July 23 and $240 million on July 24 with further modest withdrawals—that ended a seven‑session inflow streak and reduced institutional buying pressure.
- Macro forces raised pressure on risk assets when two‑year and 10‑year Treasury yields climbed, oil rallied and a sharp Asian technology sell‑off spread into crypto markets, prompting investors to move into safer, yield‑bearing assets.
- On‑chain data show mid‑to‑large holders accumulated roughly 19,700 BTC over eight days, creating a divergence between concentrated whale buying and weakening ETF demand.
- The market now sits between resistance in the mid‑$65k–$67k band and support near $60k–$61k, with the July 29 Fed decision and upcoming U.S. GDP and PCE releases likely to determine whether Bitcoin reclaims resistance or re‑tests the $60k floor.