**Bitcoin Takes a Dive: What's Next?**

Bitcoin (BTC) saw a sharp drop of $2,300 within an hour after Wall Street opened on Aug. 2, hitting $62,368 on Coinbase. Despite this, BTC managed a slight recovery, trading at $63,252, up 1% over the last 24 hours.

Key support levels were lost, including the 50-day EMA at $64,300 and the 100-day EMA at $63,670. Analyst AlphaBTC noted the importance of holding the $63,300 level to avoid further declines. If BTC fails to maintain this, it could drop to $61,000 or lower.

Other analysts predict deeper corrections, with potential targets as low as $55,000. The 200-day EMA at $59,558 is seen as a critical support level. If BTC rebounds from here, it could signal a return to bullish territory.