Bitcoin fell to an intraday low of $62,684 on Tuesday, erasing $134 million in leveraged long positions and dragging its market capitalization to $1.277 trillion. The drop landed ahead of a Federal Reserve decision, core PCE data and megacap earnings that some experts believe could determine how Bitcoin progresses through much of the second half of 2026.
Bitcoin fell to an intraday low of $62,684 on Tuesday, and the slide cost traders using leverage $134 million in long positions. That marked a steep jump from the $30 million wiped out on Monday.
Nearly $22 million in short positions was liquidated as well, pushing bitcoin-related liquidations past $156 million. Across the broader crypto market, long liquidations totalled $515 million, compared with $98 million in short liquidations.
Bitcoin gave up $65,000 before recovering to $63,660
Market data show Bitcoin traded near $65,000 on Monday afternoon before it initially dipped to just over $63,000. It then fluctuated between $63,000 and $63,500 until around 9 a.m. EST, when another sell-off drove it to the day's low.
A relief rally recovered most of those losses, but the cryptocurrency hit resistance shortly after reclaiming $64,000. As of 2:37 p.m. EST it traded near $63,660, down nearly 2% for the day. The dip brought its monthly losses to 4% and dragged its market capitalization down to $1.277 trillion.
Why the last week of July matters
Despite logging marginal losses, Bitcoin remains on course to close July with net gains, a reversal from June, when it closed with double-digit losses. But some experts believe the last week of July could determine how it progresses through much of the second half of 2026.
Those experts point to the Federal Open Market Committee meeting, core PCE price index data and earnings from Apple, Microsoft and Amazon as factors likely to set direction. Mike McCluskey, co-founder of TX and a former Fidelity executive, said the press conference by Federal Reserve Chair Kevin Warsh will provide key clues for market watchers.
According to Bitcoin News, McCluskey said Warsh "has been consistently hawkish since taking office in May" and has deliberately limited forward guidance in a way that makes each press conference, rather than the statement, the policy signal.
The two ranges McCluskey is watching
July 30 compounds the difficulty, McCluskey said, because second-quarter GDP, core PCE and the Bank of England rate decision all arrive that day. His constructive scenario has GDP near the 2.3% consensus and core PCE easing from May's 3.4% year-over-year mark, a combination he said would give the Fed cover to hold without sounding alarmed.
A hold with a dovish tone, strong AI capital expenditure guidance and constructive PCE data could build the $65,000 level into a genuine attempt at $68,000 to $70,000 through August. A hike, or a hold with hawkish language alongside earnings disappointments, brings the $58,000 to $60,000 range back into view quickly, McCluskey added.
He said the market has been patient for six weeks, and this is the week it finds out if that patience was warranted.
Source: Bitcoin News
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