Bitcoin trades at $62,726 on August 3, down 1.22%, pressing against the $62,000 horizontal support as spot ETFs post their first negative week in a month and a hardware wallet exploit pulls sentiment lower. Price remains below all four EMAs on the daily chart, with RSI sliding under 50 to 44.32, keeping momentum firmly on the side of sellers.
$BTC Consolidates Near Range Lows as Every EMA Sits Overhead
The daily chart shows Bitcoin trading inside a broad consolidation range that has contained price roughly between $58,000 and $67,000 since the June selloff. After a recovery attempt into the upper half of that range through mid-July, price has drifted back toward the lower portion, with today’s session printing a low of $62,660 and closing at $62,726.
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All four EMAs slope downward above current price. The 20-day at $63,841 is the immediate ceiling, followed by the 50-day at $64,599, the 100-day at $67,129, and the 200-day at $72,731 well above. RSI at 44.32 sits below the neutral 50 line, meaning momentum has not recovered enough to suggest a trend shift. The $62,000 level is the key floor to watch, with the range’s lower boundary near $58,000 as the next meaningful support if that level breaks.
$BTC Support and Resistance Levels, August 3, 2026
Spot ETF Flows Turn Negative for the First Time in Four Weeks
Spot Bitcoin ETFs recorded a $265.37M daily net outflow on July 31, flipping the week of July 31 to a net outflow of $61.53M according to SoSoValue. That breaks a three week run of positive flows that brought in $197.40M, $75.67M, and $33.79M in the prior three weeks respectively.
Cumulative net inflows across all products still hold at $51.32B with total net assets at $76.29B, so the reversal is a one week interruption rather than a structural shift, but the timing alongside the Coldcard exploit and broader risk-off tone adds weight to the near-term bearish setup.
BlackRock’s IBIT led outflows at $122.66M, followed by Fidelity’s FBTC at $54.78M and Grayscale’s GBTC at $52.63M. Bitwise and ARK each shed around $17M. Several smaller products including VanEck, Morgan Stanley, Valkyrie, Franklin, Invesco, WisdomTree, and Hashdex recorded zero flow on the day.
Coldcard Firmware Flaw Drains $89M From 1,200 Wallets
A firmware bug in Coldcard hardware wallets allowed attackers to drain an estimated $89M in Bitcoin from more than 1,200 addresses. Galaxy Research, which first identified the attack, found that over 1,000 Bitcoin was stolen from 1,196 wallets in just 41 minutes on July 30, with two additional suspected waves pushing total losses higher.
How the Attack Worked
The flaw weakened the seed phrase generation process in affected firmware versions, making recovery phrases predictable enough for attackers to reconstruct without ever physically accessing the device. The weakness follows the seed phrase itself — not the hardware. Moving the same seed phrase to a different wallet does not help.
Coinkite released a firmware patch but was explicit that the update does not fix wallets already created using the vulnerable software. Users must generate a brand new seed phrase using the updated firmware and move funds to the new wallet.
Coldcard Exploit — Key Facts
Coinkite CEO Rodolfo Novak issued a public apology, saying the company was “heartbroken” and urging all customers to act immediately. Jan3 CEO Samson Mow echoed the warning on X, telling anyone with a Coldcard of any version or model to migrate funds right away.
Analyst Benjamin Cowen called the exploit “devastating” and said recurring security failures continue to erode retail confidence alongside scam memecoins and rug pulls, noting that retail participation has been fading for years partly for these reasons.
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The exploit carries no direct implication for Bitcoin’s on-chain security or network integrity — the flaw was in the Coldcard firmware, not the Bitcoin protocol. But the $89M figure and the speed of the attack have clearly weighed on sentiment heading into the week.
Bitcoin Price Prediction: Upside and Downside Targets
Bullish Case, Target: $64,599 (50-day EMA)
$BTC holds the $62,000 horizontal support and stabilizes above the range midpoint. ETF outflows prove to be a single week event rather than a trend reversal, with fresh inflows returning as the Coldcard story fades from headlines. RSI recovers back above 50 and price pushes through the 20-day EMA at $63,841 toward the 50-day at $64,599, keeping the broader consolidation range intact.
Bearish Case, Risk Level: $58,000 (Range Floor)
The $62,000 support fails to hold as continued ETF outflows and sentiment damage from the Coldcard exploit keep buyers away. RSI drifting deeper below 50 with price under all four EMAs gives sellers the path of least resistance toward the range floor at $58,000, where buyers would need to step in to prevent a deeper breakdown below the entire consolidation structure.
