Bitcoin broke below $64,000 for the third time since July 24, triggering approximately $100 million in liquidations within a single hour. The drop followed three failed attempts to clear resistance at $65,500 and coincided with South Korea's KOSPI plunging 8.02% to trigger its eighth circuit breaker of 2026. This marks the latest in a series of liquidation events this week, following an $87 million liquidation when Bitcoin retreated from nearly $67,000 late last week and a $75 million liquidation three days later after repeated failures to break above $65,500.
Bitcoin Triggers $100 Million Liquidations Below $64,000
The $64,000 level has become a battleground for Bitcoin traders over the back half of July. Late last week, Bitcoin slid below this level after retreating from nearly $67,000, triggering 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, pushing total 24-hour liquidations to $75 million as the price slipped back to a session low of $64,336. Today's move triggered roughly $100 million in liquidations inside a single hour, faster than either of the prior two episodes this week.
KOSPI Drops 8.02% on Semiconductor Stock Plunge
The liquidations coincided with a sharp selloff in South Korean equities. The KOSPI dropped 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. 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. A mid-July selloff saw Bitcoin fall 1.2% to below $63,000 alongside a broader tech drawdown, 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 Rate Unchanged
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.
Options and leverage positioning has clustered between the $65,000 and $70,000 strikes. 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 headwinds.
FAQ
How many times has Bitcoin dropped below $64,000 since July 24?
Bitcoin has broken below $64,000 three times since July 24. The first drop late last week triggered $87 million in liquidations, followed by a $75 million liquidation event three days later, and today's move triggered approximately $100 million in liquidations within a single hour.
What caused the KOSPI to trigger a circuit breaker on July 28?
The KOSPI dropped 8.02%, or 542.24 points, to 6,213.51 on July 28, triggering its eighth circuit breaker of 2026. The selloff occurred on the back of a plunge in U.S. semiconductor stocks, following a similar pattern to the exchange's seventh circuit breaker on July 13.
What is the current Federal Reserve funds rate?
The Federal Reserve opened its July 28-29 meeting with the federal funds rate held at 3.50%-3.75%, marking the fourth consecutive meeting at this level under Chair Kevin Warsh.
