Bitcoin slid below $64,000 to about $63,200 on July 27, down roughly 2.7% in 24 hours with daily volume near $27.5 billion after repeated rejections at the $65,600–$65,700 resistance. Traders view $63,000 as immediate support and warn that a break would expose a $61,000 target; on-chain signals are mixed as exchange reserves have fallen by ~78,000 BTC over six months while the short-term holder cost basis sits near $68,000. Three-day Bollinger Bands are tightening, indicating compressed volatility and that a decisive expansion above $65,700 or a close below $63,000 will drive the next crypto market move.

Bearish

Predictions Markets

See what traders are focused on

View analytics →

Key Insights

Bitcoin price lost $64,000 and approached the $63,000 support zone.
BTC price weakness followed rejection near the $65,700 resistance region.
Falling exchange reserves contrasted with weak short-term market momentum.

Bitcoin’s decline below $64,000 intensified short-term selling pressure on Monday, July 27. CoinMarketCap data showed the asset trading near $63,200 after losing about 2.7% over 24 hours. Traders watched $63,000 because a break could expose the $61,000 support region.

The move placed recent buyers under renewed pressure while longer-term supply stayed comparatively stable. Broader market conviction remained weak. Exchange balances also remained near cycle lows, limiting evidence of broad holder distribution. However, weak spot demand left the market vulnerable to further leveraged selling.

Bitcoin Price Falls After Resistance Rejection

CoinMarketCap recorded Bitcoin near $63,200, with daily trading volume around $27.5 billion. The decline followed repeated failures around the $65,600 to $65,700 resistance zone. That rejection returned the BTC price toward levels last tested during earlier July weakness.

Crypto Patel said Bitcoin broke a rising trendline before retesting $65,600 from below. The trader identified that failed retest as confirmation of short-term bearish control. His chart placed initial Fibonacci support near $63,200, followed by a deeper target around $61,000.

That Martini Guy also marked $63,000 as the immediate level for traders. He said holding that area could frame the decline as another market shakeout. A confirmed loss, however, could shift attention toward $61,000 before any recovery attempt.

Trading activity remained elevated despite the drop. CoinMarketCap placed 24-hour turnover above $27 billion, reflecting continued repositioning across spot markets. Yet volume alone did not confirm capitulation or renewed demand. Market depth and follow-through buying remained necessary for a durable reversal.

Bitcoin Price Structure Shows Compressed Volatility

Ali Martinez said Bitcoin’s three-day Bollinger Bands had started tightening. Bollinger Bands measure price dispersion around a moving average. Narrowing bands usually reflect falling realised volatility rather than a directional signal.

The compression suggested that the current trading range may not persist. However, the indicator did not establish whether the next expansion would favour buyers. Price remained below nearby resistance while testing a support cluster identified by several traders.

Crypto Patel placed the key reclaim zone near $65,700. A move above that level would weaken the bearish breakdown and restore the former trendline. Until then, sellers retained control over the immediate technical structure.

The BTC crypto market also traded far below its October 2025 peak. MetaMask market data listed Bitcoin’s record near $126,080. The current price therefore remained roughly half that level, reflecting the broader correction since the peak.

Bitcoin Price Faces Conflicting On-Chain Signals

CryptoQuant’s Exchange Reserve metric showed roughly 2.7 million Bitcoin held across tracked exchanges. The platform defines falling reserves as coins leaving exchange wallets, often reducing immediately available sell-side supply. Rising balances can indicate greater potential selling availability.

The supplied CryptoQuant reading showed reserves falling by about 78,000 Bitcoin over six months. That decline contrasted with weaker price action and suggested holders had continued withdrawing coins. However, reserve declines cannot confirm future buying demand or prevent further losses.

Crypto Patel’s holder-cost analysis placed the short-term holder basis near $68,000. Bitcoin traded below that level, leaving many recent buyers at an unrealised loss. He placed the long-term holder basis near $49,000, well beneath the market price.

Glassnode has described short-term holder cost basis as a resistance measure during bearish phases. When price trades below that basis, recent buyers often sell near breakeven during rebounds. That structure could limit recovery attempts before Bitcoin retakes higher levels.

BTC Price Eyes $61,000 If Support Fails

The immediate test remained the $63,000 to $63,200 support zone. Holding that area could stabilise the market before another resistance test. Losing it would strengthen the technical case for a move toward the $61,000 Fibonacci region.

Exchange netflows will provide another verifiable signal. A sustained move into positive netflows would show more Bitcoin entering exchanges. CryptoQuant’s framework associates that shift with rising available supply and potential selling pressure.

Traders will also track the three-day Bollinger Band expansion. Price direction after the squeeze will matter more than compression itself. A recovery above $65,700 would challenge the bearish setup. A close below $63,000 would expose the $61,000 target.

The post Bitcoin Price Slides Below $64K as Traders Target $61K Support appeared first on The Coin Republic.

Read the article at The Coin Republic