Bitcoin dropped to $62,726 on August 3, sliding 1.22% as two fresh headwinds hit the market at once. Spot ETFs pulled out $265.37M on July 31, snapping three weeks of inflows, while a Coldcard firmware bug drained roughly $89M from over 1,200 wallets in just 41 minutes the day before.
The price sits firmly below all four exponential moving averages on the daily chart. RSI has slipped to 44.32, well under the neutral 50 mark, meaning momentum has shifted decisively to sellers. The $62,000 level is now the critical floor to defend, with $58,000 marking the broader consolidation range's lower edge if that breaks.
Technicals Point Lower as Support Gets Tested
Bitcoin has been trapped in a band between roughly $58,000 and $67,000 since the June selloff. After bouncing higher through mid-July, price drifted back down to the range's bottom half. The 20-day EMA sits at $63,841 as the immediate ceiling, followed by the 50-day at $64,599 and the 100-day at $67,129 well overhead. All four averages slope downward above current levels.
Today's session printed a low of $62,660 and closed at $62,726. The combination of weakening technicals and negative ETF flows marks the first net outflow week for spot products in four weeks. Prior to that, funds had recorded three consecutive weeks of inflows totaling $197.40M, $75.67M, and $33.79M. Despite the recent pullback, cumulative net inflows across all spot Bitcoin ETFs still sit at $51.32B with total net assets at $76.29B.
This article provides market context and technical analysis only and should not be construed as investment advice.
