Bitcoin's price decline below $64,500 is attributed to a significant sell-off, resulting in over 40 million long positions liquidated within an hour, totaling over $220 million in 24 hours. This sell-off persists despite Bitcoin's attempts to consolidate above $66,000. Negative funding rates post-halving for the first time this year add to the downward pressure, indicating a shift in market sentiment towards bearish. However, signs of potential upward movement include a rebound in Bitcoin's funding rate and a surge in aggregate open interest. Additionally, the upcoming expiry of crypto options worth over $9.4 billion, including Bitcoin and Ethereum, is expected to increase market volatility.

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