Bitcoin retreats to $63,400 — an 11-day low ahead of the Fed's decision

Bitcoin fell 2.3% during Asian trading hours to $63,414 — its lowest level in 11 days, since July 16. The pressure is coming from rising odds of a Fed rate hike and concerns about AI-linked credit risk, Bloomingbit reports.

• As of the morning of July 28, bitcoin is trading near $63,173 (-2.82% on the day), with 24-hour trading volume at $27.3 billion and a market cap of $1.26 trillion, per CoinGabbar.
• U.S. spot bitcoin ETFs recorded net outflows of more than $465 million over July 23-24.
• This continues a story we've already covered: bitcoin fell to $62,500 on ETF outflows, bounced back to $65,170, and is now sliding again ahead of the Fed's July 28-29 decision.

Bitcoin is under pressure as the likelihood of a Fed rate hike has increased, while broader macroeconomic concerns over AI-related credit risk are adding to the strain. On the downside, $62,000 is the next level to watch, while strong support is expected around $60,000.

Tony Sycamore, an analyst at IG Australia, says the cryptocurrency needs to decisively break and close above its 200-day moving average, currently at $72,001, for the trend to shift.

We already covered this back-and-forth over the past two days in a separate piece about bitcoin's bounce to $65,000 ahead of the Fed meeting — that move was the market working off the previous ETF outflow. At this point, the uncertainty around the Fed's decision itself seems to be moving the price more than any single factor.

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