People who bought Bitcoin are very worried because the value of the currency has dropped a great deal. It’s worth $62,368 on Coinbase, and that was just an hour after Wall Street opened. People are afraid that prices will drop even more after this $2,300 drop. The price of Bitcoin has only gone up by 1% in the last 24 hours, to $63,252.
As of today, Bitcoin has dropped important support levels, such as the 100-day exponential moving average (EMA) at $63,670 and the 50-day EMA at $64,300. Trades are scared that the price could drop below $60,000 now that these basic signs have been broken.
As a response to the situation, Bitcoin analyst AlphaBTC wrote on X, “We got the #Bitcoin sweep I was waiting for and a nice reclaim of the range.” AlphaBTC was talking about how the price of Bitcoin has changed recently.
On July 30, it hit a high of $66,996 and fell to a low of just under $63,000 on August 2. The analyst says that keeping the range low at $63,300 is very important for Bitcoin to be able to try the range high of $67,000 again.
In the same way, Crypto Rover, an expert, was worried and said that people in the market would have a hard time if Bitcoin lost the $63,000 support level.
AlphaBTC described two possible ways the price of BTC could move. In a bullish scenario, BTC confirms a triple bottom around the 38.2 Fibonacci level at $63,450. This could cause a V-shaped rebound that goes all the way to $66,800. On the other hand, breaking the $63,000 support would be negative and could cause the price to drop to $61,000.
Bitcoin Price Targets $58K To $65K And Potential Recovery Insights
The goals are $58,000 to $55,000, but some experts believe the fixes will be even bigger. A different trader named King Keo Xplus said, “Bitcoin is technically bearish right now and is expected to fall to $58,000 or less.” Crypto Patel’s real name is Crypto. He talked about how important it is for people who want to buy BTC to get to $63,000.
TradingView data show that Bitcoin’s price has made a run of higher lows on the daily chart, which means that the price is still going up. BTC bulls need to keep the price above the rising trendline so that it doesn’t go down any further.
The long lower wave on the August 1 candlestick on the daily chart shows that $65,000 is an important level for buyers. The coin may have one last chance to stay strong if this support fails. It could be the 200-day EMA at $59,558.
Caleb Frazen, a famous expert, agreed with this and stressed how important the 200-day EMA was as a big barrier to Bitcoin’s downward trend.
The In/Out of the Money Around Price (IOMAP) model from IntoTheBlock shows how important this level is even more. It is just below the price band of $60,755 to $62,640, where about 499,470 BTC were bought by about 1.54 million addresses in the past.
This means that a lot of money coming in from these buyers could help Bitcoin get past the 100-day and 50-day exponential moving averages (EMAs) at $63,663 and $64,268. This could stop the sell-off and start a price recovery.
Analyst Moustache says that if Bitcoin’s price goes below $63,000, it might be the last time that the cryptocurrency’s value falls this low. Moustache said that Bitcoin is making an inverse head-and-shoulders pattern on the 15-minute chart right now, which could mean that the direction is changing.
An inverse head-and-shoulders pattern is a normal reversal design with shoulders and a head that are “inverted” below the neckline. Bitcoin’s price may rise significantly toward $65,000, the next important level and it may even go back to the range high of $65,300.
There is still the question of whether or not this downturn will be remembered as the bottom of a generation. This is because Bitcoin buyers are going through a rough patch. People who have money in the market will be very alert for any signs that the market is levelling off or falling further.
