#夏日创作营 As of July 26, 2026, Bitcoin (BTC) as a whole is in a choppy-to-weak range, with bulls and bears in a fierce battle around $64,000. On-chain data is sending signals of “market depth pain,” and gains and losses at key levels will determine the short-term direction.

· Live price: about $64,400 - $64,500 (up about 0.6% over the past 24 hours). RMB quote: about 322,060 yuan per coin.
· Bulls-bears battleground: any rebound faces short-term pressure at $64,500; the first support lies at $63,700 - $64,000, and a breakdown could deepen the pullback.
· Key “trigger point”: if it falls below $61,237, the liquidation pressure from accumulated long positions on major exchanges will reach $608 million; conversely, if it breaks above $67,045, short liquidation pressure will reach $607 million, easily triggering violent short-term volatility.

On-chain data worth watching: a well-known trader noted that the current supply of BTC held by long-term holders while in a loss position has already surpassed the FTX blow-up period, nearing levels seen during the 2018 bear market. Typically, this is an extremely bearish signal, but in this cycle it may fail due to differences in the cost-basis and distribution of the chips.

Summary: The short-term trend is at a critical node, and $64,500 is the primary resistance. Focus can be placed on the long liquidation risk around $61,200, which could be a sign that short-term risks are intensifying.