# Bitcoin slides to $62.7K as tech selloff triggers $717M liquidations

**Published:** 2026-07-05T20:04:50.765Z  
**Topic:** Dao Crypto  
**Sentiment:** neutral  
**Publisher:** TrendWatcher — https://www.trendwatcher.in/article/6140c67e-b344-46b6-8600-3eecf4d54e84

Bitcoin fell to $62,694 amid a tech‑stock selloff that wiped out $717 million in crypto positions, while Hyperliquid’s HYPE token dropped 7.3% after a $15.34

Bitcoin slipped to $62,694, a dip of roughly 1.5% from the previous day, as a sharp selloff in technology equities spilled over into crypto and erased $717 million of leveraged positions in 24 hours [2]. The move pushed the market‑wide Crypto Fear & Greed Index into “extreme fear” territory and coincided with a sixth straight week of outflows from U.S. spot Bitcoin ETFs, which have now withdrawn more than $4.4 billion since mid‑May [2].

| At a glance | |
|---|---|
| Price | $62,694 |
| 24h % Move | –1.5% |
| Key Level | $62,300 200‑week MA support |
| Catalyst | Tech‑stock selloff, $717 M liquidations |

## Market pressure from tech equities

The decline was driven by a broad pullback in AI and semiconductor stocks, which dragged risk‑on assets lower and forced traders to unwind crypto positions [2]. Bitcoin briefly touched an intraday low of $61,877—the lowest since June 11—before stabilising just above its 200‑week moving average at $62,300, a level that now serves as primary support [2]. A break below this could open the path toward $56,000, while upside resistance lies near $64,500 and a tougher ceiling at $67,000‑$68,000 [2].

## Altcoin fallout and Hyperliquid’s sharp decline

Altcoins fared worse, with Hyperliquid’s HYPE token posting the steepest 24‑hour drop at –7.31% after a $15.34 million ETHUSD liquidation hit its derivatives platform [2]. The token’s fall came on the heels of a new all‑time high earlier in the week, sparked by the launch of two HYPE ETFs in the United States [1]. Despite the recent rally, the sharp correction underscores the heightened sensitivity of high‑beta tokens to broader market risk aversion.

## Institutional sentiment and macro backdrop

US spot Bitcoin ETFs recorded a sixth consecutive week of net outflows, including a $227 million withdrawal last week, highlighting continued institutional caution [2]. Meanwhile, macro drivers such as Japanese bond yields and Federal Reserve policy remain pivotal; van de Poppe warns that further rate hikes could pressure crypto assets, while falling yields might lift risk appetite [1].

## What to watch
- Bitcoin support at $62,300 and resistance at $64,500; a breach of either could signal the next directional move.  
- Hyperliquid HYPE token’s reaction to upcoming ETF inflows or additional large liquidations.  
- Upcoming U.S. spot Bitcoin ETF flow data and any Fed policy announcements that could shift risk sentiment.

The convergence of equity market weakness, sizable crypto liquidations, and sustained ETF outflows suggests that risk appetite in digital assets is waning, leaving price stability dependent on whether broader macro conditions improve or further deteriorate.

## Sources
1. CoinDesk — [Crypto trader sees Hyperliquid, AI tokens leading next altcoin rally](https://www.coindesk.com/markets/2026/05/23/crypto-trader-sees-hyperliquid-ai-tokens-leading-next-altcoin-rally)
2. Analytics Insight — [Crypto Prices Today: Bitcoin Holds Near $62,557 as Nasdaq Tech Selloff Triggers $717M in Liquidations, ETH Slips Below $1,800](https://www.analyticsinsight.net/price-analysis/crypto-prices-today-bitcoin-holds-near-62557-as-nasdaq-tech-selloff-triggers-717m-in-liquidations-eth-slips-below-1800)

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Cite as: TrendWatcher, "Bitcoin slides to $62.7K as tech selloff triggers $717M liquidations", https://www.trendwatcher.in/article/6140c67e-b344-46b6-8600-3eecf4d54e84