Bitcoin’s $66,921 Rally Fails; $670M Liquidated

Bitcoin briefly climbed to $66,921 before reversing and trading near $63,422, a move that coincided with roughly $670 million in liquidations over 24 hours. Technical indicators on daily charts include a death cross and a Relative Strength Index reading of 46.5. A prediction market shows traders assigning higher probability to a drop to $55,000 before a rise to $84,000.

Markets opened in risk-off mode after South Korea’s KOSPI index fell more than 8% at the open and triggered a circuit breaker. Bitcoin fell to $62,684 in early trading, later recovering to about $63,400, down roughly 2.7% on the day. Ethereum traded near $1,875, off about 4.2%, and Solana traded near $73, off about 4.4%.

Exchange data show more than $670 million in crypto positions were liquidated in the past 24 hours, with about $533 million of those liquidations on long positions. The liquidations occurred during the intraday sell-off that followed the failed advance to $66,921.

On technical charts, price has traded below the 200-day exponential moving average and under the Ichimoku cloud for months. The 50-day EMA sits below the 200-day EMA, a formation commonly labeled a death cross. Recent price attempts to climb were capped at a resistance zone that aligns with prior downward trends from May through July.

Momentum indicators provide additional detail. The Relative Strength Index at 46.5 is below the 50 midpoint and above the 30 oversold threshold. The Squeeze Momentum Indicator has shown activity for nine bars and recorded an internal momentum reading near 0.25v.

Macro factors included a Federal Open Market Committee meeting with a rate decision and press conference scheduled for July 29. Markets were pricing a likely hold in the 3.50–3.75% range but remained sensitive to the Fed’s communications. Commodity and equity moves that day included oil down about 2% and gold down about 1%, while U.S. futures were mixed with technology futures under pressure.

On the prediction market Myriad, traders assigned about 65.7% odds that Bitcoin will reach $55,000 before it reaches $84,000, a shift from earlier in the year. Market observers identified a dovish Fed signal or regulatory progress as possible external events that could change price dynamics. Charts show the price reversal from $66,921 and the current technical readings described above.