Bitcoin News

Bitcoin (BTC) traded near $64,000 on July 29 after rising about 1%, even as a semiconductor-led selloff weighed on Asian equities and US index futures. The move came against a two-day slump in South Korea's benchmark index, where SK Hynix fell about 17% despite reporting a 557% profit increase and Samsung Electronics lost 12% ahead of earnings. The MSCI Asia Pacific index dropped 2% to its lowest level since mid-April, while Nasdaq 100 futures declined 1% as technology investors reassessed crowded AI trades.

Major cryptocurrencies were mostly steady. Ethereum gained 1% to around $1,899, and XRP rose 2% to $1.07, indicating that crypto liquidity was not simply following equities lower. That divergence has appeared twice over the past five sessions. A US rate decision later in the session added caution, with swaps implying only a small chance of tightening and investors awaiting core PCE and GDP data. The broader question is whether Bitcoin can continue to decouple from chip stocks, given that listed miners remain linked to AI data-center demand and ASIC mining economics.

Derivatives positioning suggested leveraged traders were not fully de-risking ahead of the Federal Reserve decision. During Tuesday's European hours, BTC slipped below $63,650 to a 10-day low as some accounts reduced exposure, but the funding rate had earlier climbed to 0.0086%, its highest since July 17. A positive funding rate means long holders pay shorts, signaling continued demand to maintain bullish exposure. Futures data also showed about $30.1 million in long positions liquidated over 24 hours, or roughly 60% of total crypto liquidations, but the episode did not trigger a broader deleveraging cascade. Total derivatives volume fell 13.2% to $49.26 billion, while the long-short ratio stood near 1.03, leaving longs only slightly ahead.

Some intraday weakness also coincided with rotation into stronger Ethereum, which remained above $1,900 and offered a nearer catalyst for momentum traders. Prediction markets pointed to a cautious but constructive setup, giving BTC about a 47% chance of being above $64,000 by July 31 at noon ET and an 83% chance of remaining above $62,000. The pattern suggests the pullback was driven more by position reshuffling than by aggressive new shorting.

US legislative timing added another constraint after the Clarity Act, a market-structure bill that would shape digital-asset oversight, lost momentum in the Senate. Republicans need 60 votes to advance the measure, and Senate Republican leader John Thune has prioritized a Russia-Iran sanctions bill with clearer support, making a vote before the August 7 recess unlikely. The delay followed earlier optimism that ethics provisions could attract bipartisan backing, but negotiations have also become tied to efforts to fill a vacant CFTC commissioner seat. Prediction-market odds for passage this year slipped to around 30%, though a September path remains possible.

Geopolitical risks also remained elevated after an Iran strike on a US base in Jordan revived oil-market concerns and limited rebounds. For BTC, the stakes are less immediate than macro policy, but regulatory clarity has become one of the narrative supports preventing dips from turning into a deeper bear market. Price action suggests the market still has a floor: after failing near $67,000, BTC found buyers around $62,000, a roughly 50% retracement of the move from $57,000 to $66,000, leaving traders positioned for a FOMC-driven breakout rather than a structural breakdown below its all-time high.

South Korea's benchmark index fell 11% on Wednesday, following an identical 11% drop in the prior session and putting the gauge on track for a record two-day decline. Nasdaq 100 futures extended their decline to a fifth straight session, the longest such streak this year for the tech-heavy contract, after $797 billion was erased from the largest US technology names the previous Thursday.

Within crypto, rotation was selective rather than uniform. BNB advanced to $567, Solana held near $73, and Dogecoin edged higher, while Hyperliquid's HYPE was the only major token in the red, falling 3% to $54. The breadth suggests capital is not simply leaving digital assets, but rotating away from tokens perceived as overextended relative to their recent narratives.

As of 07:05 UTC, COINOTAG's proprietary 42-indicator composite S/R scoring engine described Bitcoin as rangebound, with spot at $64,411 and nearest resistance at $64,466 rated 62/100 on confluence from Ichimoku Tenkan, R2, EMA 50, and BB Middle. Immediate support at $63,649 scored 75/100 based on pivot-point, HVN, and Fibo 0.236 alignment, while a deeper $62,228 level scored 45/100. Derivatives positioning was mildly bullish, with funding positive at 0.0049%, open interest at $12.53 billion, and the long-short ratio at 1.65, meaning 62.3% of accounts were long. A Fear and Greed reading of 29 showed sentiment remained fearful, leaving room for relief if BTC reclaims $64,466 and moves toward $65,477 and the stronger $67,370 level. A decisive break below $63,649 would invalidate the sideways-accumulation thesis.

COINOTAG does not provide financial advisory services. This content is for informational purposes only and should not be considered investment advice. Cryptocurrency investments involve high risk.