Bitcoin is trading near $64,700 Wednesday, up about 4% over the past day after a sharp selloff briefly pushed the price below $63,000 and wiped out nearly $1 billion in leveraged positions. The drop followed a bearish breakdown from a multi-month symmetrical triangle pattern, triggering roughly $780 million in long liquidations before buyers stepped in around the $60,000 level.
The $1B Liquidation Event
The selloff accelerated after Bitcoin broke below the lower trendline of a symmetrical triangle that had been forming since early 2025. That breakdown set off a cascade of liquidations, with nearly $780 million in long positions wiped out in a matter of hours. But the selling didn't last — buyers emerged near $60,000, a level that held as support and allowed BTC to recover back above $64,000.
The 52-week low for Bitcoin sits at $57,832.5, meaning the $60,000 zone remains a critical floor. If that level breaks, the next stop could be the $57,000 region.
ETF Outflows Weigh on Sentiment
The broader picture isn't pretty. US spot Bitcoin ETPs lost $4.9 billion in Q2, a sign that institutional demand has cooled after the initial ETF frenzy. Bitcoin itself fell 13.4% in the second quarter and is now 32.9% lower year-to-date. From its October peak near $126,000, the asset is roughly 49% off.
Bitcoin dominance has climbed to 64.2%, suggesting that while BTC is down, altcoins have fared even worse.
Bitwise CIO: 'Focus on the Top'
Bitwise CIO Matt Hougan isn't panicking. He told investors that the recent weakness represents an accumulation opportunity and that they should focus on the cycle top rather than the bottom. His message: don't get caught up in the day-to-day noise if you believe the long-term trend is still up.
Hougan's view stands in contrast to the bearish technical setup, but it's a reminder that institutional players often use drawdowns to build positions.
Bitcoin Hyper Presale Nears $33M
On the development side, Bitcoin Hyper — which claims to be the first Bitcoin Layer 2 with Solana Virtual Machine (SVM) integration — has raised close to $33 million in its presale. The current token price is $0.0136831, and staking is already live. The project aims to deliver sub-Solana latency while inheriting Bitcoin's security, a pitch that's clearly resonating with early buyers.
Three Scenarios for Bitcoin Price
Looking ahead, traders are watching three key paths. The bullish scenario requires Bitcoin to reclaim $65,000 as support, then push toward $70,000 and eventually previous highs. The base case keeps BTC in a $60,000 to $65,000 range. The bearish scenario: a close below $60,000 exposes the $57,000 region and potentially the 52-week low.
For now, the $60,000 support held. The question is whether this bounce has legs or is just a dead cat before another leg down.
