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.
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.
Despite common fears that global crises spell disaster for crypto markets, new data from Binance Research suggests the opposite may be true — at least for Bitcoin.
A new report by crypto analytics firm Alphractal reveals that Bitcoin miners are facing some of the lowest profitability levels in over a decade — yet have shown little sign of capitulation.
Bitcoin’s network hashrate has fallen 3.5% since mid-June, marking the sharpest decline in computing power since July 2024.
Bitcoin has officially overtaken Alphabet (Google’s parent company) in global asset rankings, becoming the sixth most valuable asset in the world, according to the latest real-time market data.