Bitcoin fell 6% today after Wall Street opened on August 2, hitting a low of $60,536 before recovering slightly to current levels.
The recent sell-off caused the Bitcoin price to lose key support levels: the 50-day exponential moving average (EMA) at $64,300 and the 100-day EMA at $63,670.
Bitcoin analyst AlphaBTC reviewed Bitcoin’s price performance since July 30, when the price fell from a high of $66,996 to a low of just under $63,000 on August 2, emphasizing that Bitcoin’s loss of $63,000 was extremely bad.
Other analysts believe that Bitcoin price could see a deeper correction, targeting a drop to the $58,000 to $55,000 price range.
“Technically, Bitcoin’s current state is bearish and is expected to fall to $58,000 or lower,” trader Emperor Keo Xplus stressed.
Most altcoins in the top 100 are losing money, with about 15 coins seeing double-digit losses. The altcoin with the biggest drop on the day is FLOW -15%, followed by BRETT -13.4%; WIF -12.4%; BSV -12.3%; HNT -12%…
Enthusiast sentiment is currently in fear territory, with the Crypto Fear and Greed Index at 37 as of the time of writing.
(Personal opinion, not a recommendation)
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