Bitcoin's price fell by as much as 3.6% on July 31, dropping from $65,410 to a low of $62,466.
The decline pushed Bitcoin below its seven-day and 25-day simple moving averages at approximately $63,445 and $64,488.
A breakdown in the rounded-top structure formed on the 4-hour chart could point toward a price target of $59,000 if support near $62,000 fails.
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