Bitcoin Slides to $62,470 as Sellers Test the $63K Floor Again

BTC Stumbles Near $63,000

Bitcoin dipped below $63,000 for the second consecutive day on Friday, with the decline deepening in early trading.

The cryptocurrency initially appeared to consolidate around $63,400 hours after falling to $62,912 on Thursday. However, a sell-off shortly after midnight dragged the price to $62,670 before it recovered to trade just below $62,800.

Shortly after 8 a.m. EST, bitcoin began descending again, reaching an intraday low of $62,470. A subsequent relief rally helped it reclaim the $63,000 threshold. As of 1:20 p.m. EST, the cryptocurrency was trading just above $63,000, virtually unchanged over the previous 24 hours.

The flat price action kept bitcoin’s market capitalization under $1.27 trillion, with seven-day losses at 2.6%. After a strong start to the month, bitcoin is now nearly flat as August reaches its midpoint.

In the derivatives market, the volatility triggered significant liquidations for overleveraged long positions. According to Coinglass data, out of $32 million in leveraged bitcoin positions liquidated in 24 hours, long positions accounted for $26 million—about $8 million less than on Thursday. Across the broader cryptocurrency market, long liquidations totaled $94 million, compared to $72.5 million in short liquidations.