Bitcoin plunges to $60,000, Crypto Market immersed in Red
Bitcoin dropped more than 6% yesterday after Wall Street opened on August 2nd, hitting a low of $60,536 before slightly recovering to $61.786.
The sharp decline caused Bitcoin to lose significant support levels: the 50-day exponential moving average (EMA) at $64,300 and the 100-day EMA at $63,670. Breaking through the support levels around the $63,000-$64,000 range is considered very risky for Bitcoin and the market in the near future.
According to trader community on X, most believe that Bitcoin may undergo a deeper correction and could potentially return to the recent low around the $53,000-$55,000 range.
