Bitcoin has lost its primary weekly support and is now hovering around the weekend support level of 59,800. It is highly likely that the 59,800 support will not hold, leading to a further decline towards the monthly support at 51,000. If the 59,800 level is breached, we can expect a sharp price drop.
Additionally, geopolitical tensions in the Middle East, including the potential for conflict in Lebanon, combined with a significant drop in the American stock market, are exerting extra pressure on the cryptocurrency market.
Contrary to the views of many analysts, I believe that from today until the end of August, the market will perform poorly, with the negative trend worsening around mid-month.
Original support: 59,800
Current resistance: 66,500
