Bitcoin’s Next Moves: Analyst Reveals Key Support and Resistance Levels

On August 1, Bitcoin (BTC) fell to below $63,000, marking its lowest level in more than two weeks.

This decline is related to lowered expectations of a US interest rate cut and the distribution of over 47,000 BTC from the defunct Mt. Gox exchange.

Traders are now watching key support and resistance levels to identify potential buying opportunities.

Analyst Stockmoney Lizards notes that Bitcoin is approaching a critical point, representing a potential entry point for investors. His technical analysis highlights a classic 5-wave uptrend, followed by an ABC retracement on the 4-hour chart, indicating a typical Elliott wave pattern.

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Key Support and Resistance Zones

Support levels

The immediate buy zone is set between $61,880 and $62,300. A bounce from this range could signal a continuation of the uptrend. If this support fails, the next significant level to watch is around $56,810.

Resistance levels

On the upside, Bitcoin faces resistance at $66,745. A break above this level, on strong trading volume, could indicate the next buying opportunity. The top of the value zone at $69,885 also remains a key resistance point.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.