Bitcoin underwent a sharp correction this Tuesday, July 28, 2026, after reaching US$ 65.600 during the recovery that began over the weekend. The rejection interrupted the attempt to resume gains and took BTC back close to US$ 63 thousand.
The drop came just hours after the leading cryptocurrency tested levels not seen since Friday. The move also hit altcoins, increasing selling pressure across different sectors of the cryptocurrency market.
In the previous week, Bitcoin had posted positive performance. The price rose from approximately US$ 63.750 and reached US$ 67.000 in about 36 hours, but it was unable to break above that resistance region.
After that, BTC pulled back to US$ 64.750 on Wednesday and returned to US$ 63.750 on Friday. Over the weekend, buyers managed to recover part of the losses, taking the price back to the US$ 64 thousand range.
Expectations of lower tension related to the attacks in the Middle East helped support the initial recovery. However, the move lost strength when Bitcoin encountered resistance at US$ 65.600.
Afterward, BTC fell to US$ 63.000 for the first time in ten days. The sharp move triggered approximately US$ 700 million in liquidations in the cryptocurrency market.
At the time of publication, Bitcoin had recovered part of the drop and was trading near US$ 63.400. Even so, it was still down 3% on the day, while its market capitalization fell to approximately US$ 1,72 trillion.
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Among the leading altcoins, Ethereum also lost momentum. After reaching US$ 1.980, its highest level in two months, ETH fell 4,2% and dropped back below US$ 1.900.
XRP and Solana posted similar declines. HYPE fell about 8%, to US$ 55, while ZEC, LINK, XLM, and ADA also recorded significant losses.
Among the biggest declines, Audiera fell 25%, to US$ 2,74. NEAR lost 10%, while SHIB and PI dropped approximately 9%.
With pressure spread across cryptocurrencies, the total market value fell from US$ 2,330 trillion to US$ 2,250 trillion, a reduction of approximately US$ 80 billion in just 24 hours.
Trader points to US$ 60 thousand as target for Bitcoin
Trader Lennaert Snyder said that Bitcoin’s drop occurred in line with his projection and highlighted that liquidity above US$ 65.800 may still be targeted later. In his view, the US$ 67 thousand region remains an important resistance this week.
Snyder said he is keeping open short positions and may increase exposure if BTC makes another test or sweep near US$ 65 thousand.
“My short targets are US$ 60 thousand and US$ 59 thousand, which also serve as POIs for long.”
According to the trader, these regions may serve as entry points for a recovery if Bitcoin reacts positively. He also highlighted the existence of liquidity on both sides of the current range and drew attention to the FOMC meeting this Wednesday, which may influence BTC volatility.
