Bitcoin Price Tests Critical Support Level at $63K
Bitcoin's price has fallen back to $63,000 after losing its support level at $64,000. This move follows a rejection near $65,000, leaving short-term momentum under pressure.
The next key test for Bitcoin is between the $63,000 support level and the $64,000 resistance level. Whether buyers can reclaim this level or sellers force another decline will determine the next move in price.
Analyst That Martini Guy has identified $63,000 as the immediate support level for Bitcoin. According to him, Bitcoin needs to recover above $64,000 before its short-term structure improves. A break below $63,000 could expose the $61,000 area as the next major support.
ETF outflows and steady interest rates are continuing to limit fresh momentum around Bitcoin price action. Tanaka_L2 has presented three possible scenarios for Bitcoin's price in August, with a 50% probability of a sideways scenario keeping the price within a range of $58,000 to $67,000.