Bitcoin fell to $62,000, marking its lowest price in 44 days. The asset last traded at this level on June 17.
The drop pushed Bitcoin below the $65,000 support zone and triggered over $280 million in long liquidations across major exchanges in the past 24 hours.
On-chain data shows a sharp increase in Bitcoin flowing into exchange wallets—a conviction shift, with long-term holders moving coins toward potential sale.
Miner wallet balances dropped 2,100 BTC over the last week. That consistent selling adds supply to an already stressed market, reflecting tighter profitability margins across mining operations.
The Crypto Fear & Greed Index fell to 25, signaling extreme fear. That kind of sentiment reading typically accompanies sharp corrections and reduced risk appetite.
Futures open interest declined 7 percent, or $1.2 billion, across all exchanges. Funding rates turned negative for the first time in three weeks—derivatives traders are positioned bearish.
Spot Bitcoin ETF demand was muted heading into this move. Net inflows have slowed for two straight weeks, failing to absorb the selling pressure.
The $62,000 level is now the key battleground. A sustained break below it opens the path to $58,000, a price last seen in late May.
Whale wallets holding 1,000 BTC or more show no meaningful accumulation at current prices. Their on-chain activity reads as wait-and-see.
Buyers who entered above $70,000 in early July are sitting on unrealized losses, adding to negative sentiment across the market.
A rebound requires spot demand from institutional buyers. Without it, the next support sits near $60,000—and failure there opens a move into the high $50,000 range.
