Bitcoin slips to $62.5K; weekly close below $63.2K warned

Bitcoin fell to $62,570 at the Wall Street open on Friday, trading near its lowest level for August while U.S. stock indexes reached record highs.

Market data showed BTC down about 1.3% at the open. The S&P 500 and Nasdaq were both higher, but bitcoin did not follow equities.

Analyst Rekt Capital wrote on X that a weekly close beneath $63,220 would likely set up a deeper decline. The analyst added that $63,000 had weakened as support over the month and that the 50-month exponential moving average, near $65,827, has flipped from support to resistance.

On-chain analytics firm Glassnode reported traders had added substantial long exposure without matching demand. Glassnode highlighted rising open interest in derivatives and a concentration of liquidity around $61,000, which could raise the risk of long liquidations if price moves toward that zone.

Macro-focused firm QCP Capital noted that improving U.S. inflation readings had produced only a muted reaction in crypto markets. The firm pointed to the Personal Consumption Expenditures index release on Aug. 26 as the next major macro event; the PCE is the Federal Reserve’s preferred inflation gauge and showed a monthly decline in July.

Market participants said they are watching the coming weekly candle and the PCE print for signals on momentum. Elevated long exposure and rising open interest increase the potential for forced liquidations that can amplify price moves.