Bitcoin range-bound action continues on July 28. BTC traded near $63,490 after falling below $64,000.
The decline began during a broad risk-off move. Asian markets led the selling pressure.
Why Bitcoin range-bound persists
South Korea’s KOSPI fell more than 8% Tuesday. The Korea Exchange suspended trading for 20 minutes. Selling continued after the halt nevertheless.
The KOSPI dropped almost 10% during the session. Samsung Electronics and SK Hynix lost over 12%. Concerns centered on heavy AI spending. Competition from Chinese semiconductor firms also weighed.
Japan’s Nikkei fell about 4%. The Philadelphia Semiconductor Index dropped 2.2% Monday. Nvidia fell 5% during that session.
Bitcoin often trades alongside equities during macro selloffs. Nevertheless, the relationship is not constant. Tuesday’s action shows traders treated this as a wider risk event.
Bitcoin remains trapped between $60K and $66K
BTC sits near $63,400 after repeated failures above $65,000. Price has consolidated since June’s sharp decline. The broader downtrend from above $100,000 remains intact.
The RSI stands at 46.41. This is below its moving average of 53.48. Short-term momentum has moved slightly toward sellers. It remains above the traditional oversold level of 30 nevertheless.
The MACD has also weakened. The histogram is negative at minus 113. The MACD line at 214 remains below the signal line at 327. This shows the July recovery lost momentum.
Ali Martinez noted Bollinger Bands are squeezing. This often precedes a major price expansion. Nevertheless, it does not establish the direction.
Crypto Patel identified a bearish scenario. BTC broke trendline support and faced rejection at $65,600. His target sits near the 0.618 Fibonacci area. That level is approximately $61,000.
Three immediate zones stand out. Bitcoin must recover $65,000–$66,000 to improve structure. The $61,000 area is the first lower support. $60,000 remains the main floor of the consolidation.
ETF selling conflicts with whale accumulation
US spot Bitcoin ETFs recorded $11.64 million in outflows. This happened on July 27, per Farside Investors data. BlackRock’s IBIT had the largest outflow at $8.82 million.
The daily total was modest compared to previous days. Nevertheless, another negative session shows uneven demand. ETF activity is an important demand source. Extended outflows can reduce that buying pressure.
On-chain data presents a different picture. Santiment reported whale accumulation continued. Wallets holding 10 to 10,000 BTC added 19,696 coins over eight days. Smaller wallets showed weaker dip-buying activity.
This divergence suggests large holders are accumulating. Very small accounts show less urgency nevertheless. Whale accumulation may provide support if coins remain off exchanges.