Bitcoin drops to $64,000 as tech earnings spark broad crypto sell-off

Bitcoin fell to $64,000 on July 23 as disappointing technology earnings triggered a broad sell-off across crypto markets. The decline dragged Ethereum, XRP and Dogecoin lower, with the Crypto Fear & Greed Index retreating into Fear territory.

"$64,000 is the key support level to watch in the short term," Julio Moreno, head of research at CryptoQuant, said. "This level has been a reliable support during this bear market."

The sell-off followed weaker-than-expected earnings from major technology companies, which weighed on equity markets and spilled into crypto. The Nasdaq 100 futures declined 0.3% on the session, while the S&P 500 futures fell a similar margin, leaving crypto without a macro tailwind. The US five-year Treasury yield rose to 4.33%, reflecting expectations that the Federal Reserve may maintain tighter policy for longer, a headwind for risk assets. Bitcoin's futures open interest slipped to 743,000 BTC from over 760,000 BTC earlier in the week, suggesting an unwinding of long positions rather than fresh short entries, per Coinglass data. The 30-day implied volatility index for Bitcoin, BVIV, rose for a fifth straight day, a pattern that has historically correlated with near-term price weakness since the launch of spot ETFs.

The $64,000 level represents the lower boundary of a range that has held for the past week, with resistance at $66,800. A sustained break below $64,000 could open the door toward the $60,000 support zone, according to multiple analysts. The Federal Reserve's July 28-29 meeting looms as the next major catalyst, with traders watching for any shift in rate expectations that could determine whether the range holds or breaks.

ETF flows offer a counterweight

Despite the price weakness, spot Bitcoin ETF inflows remained positive for a seventh consecutive day on July 22, with $68.99 million in net inflows, according to SoSoValue data. The continued accumulation by institutional investors suggests long-term demand remains intact even as short-term macro uncertainty weighs on prices. Strategy, formerly MicroStrategy, raised $263 million through a stock sale in the prior week, easing concerns about potential Bitcoin sell pressure from its balance sheet. Bitcoin's options market showed demand for the $70,000 call option expiring Aug. 7 on Deribit, even as some traders simultaneously picked up longer-duration puts as a downside hedge.

Key levels to watch

Bitcoin's 50-day exponential moving average sits at $65,163, a level that bulls must reclaim to stabilize price action. The 100-day EMA at $68,063 represents the next resistance, while the 200-day EMA at $74,348 marks the broader recovery target. The Relative Strength Index stands at 52, above the neutral 50 threshold, indicating that bearish momentum has not fully taken control. On the upside, Maxime Seiler, co-founder and CEO of STS Digital, identified $70,000 to $72,000 as the zone to watch into month-end.

This article is for informational purposes only and does not constitute investment advice.