Bitcoin fell to its lowest levels in the last two weeks. This decline was due to the statements that the US Federal Reserve (Fed) reduced interest rate cut expectations and Mt. It was driven by the release of 47 thousand BTC from Gox. Bitcoin's price is rising as the Fed keeps interest rates steady and Mt. It fell with the selling pressure from Gox.$BTC
According to analysts, the nearest critical support level for Bitcoin is between $61,880 and $62,300. Bitcoin fell to $62,498 on August 1, falling to its lowest level in the last two weeks. This decline is due to the decreasing expectations of interest rate cuts in the USA and the bankruptcy of Mt. It is associated with factors such as the distribution of 47 thousand BTC from the Gox exchange. Traders are trying to identify the next buying opportunity by closely monitoring key support and resistance levels.
In his post on X on August 2, analyst Stockmoney Lizards stated that Bitcoin is approaching a critical point and offers a potential entry point for market participants. According to technical analysis, Bitcoin's price action is characterized by a classic 5-wave uptrend followed by an ABC correction. This pattern is visible as a prominent Elliott Wave pattern on the 4-hour chart.
The first purchase level is between 61 thousand 880 and 62 thousand 300 dollars. This zone is strengthened by a combination of various technical indicators such as the 1.618 percent Fibonacci extension, the 0.5 percent Fibonacci retracement, and the Value Area Low (VAL). A recovery at this level could signal a continuation of the uptrend on higher time frames. However, if the price fails to stay above this support zone, it could drop to the next important level near $56,810, corresponding to the 2.618 percent Fibonacci extension. This level may create a new buying opportunity if the price cannot stay above the initial support.
On the upside, the first significant resistance level for Bitcoin lies at $66,745, marked as the Point of Control (POC). This level has historically served as a strong resistance point, and a breakout supported by high trading volume could push the price to new highs. Additionally, the Value Area High (VAH) at $69,885 is also an important resistance level and should be watched carefully.
Reasons for Bitcoin's Fall
Bitcoin's price is influenced by several factors. On July 31, the US Federal Open Market Committee (FOMC) decided to keep interest rates at 5.25 percent. Fed Chairman Jerome Powell emphasized confidence in strong GDP growth and lower inflation and signaled a cautious approach to future rate cuts. This drove investors to US Treasury bonds as a safe haven, and the five-year yield fell to a six-month low. Increasing geopolitical tensions and rising unemployment applications also affected this change.
Another important factor is that on July 30, Mt. Almost $3 billion worth of Bitcoin was released from Gox. This created fears of a potential sell-off. The distributed BTCs were transferred to exchanges such as Kraken and Bitstamp, and investors predicted that this would have a significant impact on the market. This contributed to the price drop.
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