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, Market Overview: Rally fades, falls below $64,000
On July 25, Bitcoin saw a round of sharp rally-then-drawdown action. Early Friday morning, BTC briefly rose to $65,705, but was then hit by heavy sell pressure. Within 7 hours, it slid all the way to an intraday low of $63,666, with the market value erasing more than $20 million. As of press time, Bitcoin is temporarily trading around $63,878, down about 0.30% on the day.
The drop triggered large-scale liquidation of leveraged positions—$312 million in leveraged positions across the entire market were liquidated, including $70 million in long positions in Bitcoin. 91,975 crypto traders were liquidated within 24 hours, bringing total liquidations to $342 million.