Bitcoin’s Next Moves: Analyst Reveals Key Support and Resistance Levels

On August 1, Bitcoin (BTC) fell to below $63,000, marking its lowest level in more than two weeks.

This decline is related to lowered expectations of a US interest rate cut and the distribution of over 47,000 BTC from the defunct Mt. Gox exchange.

Traders are now watching key support and resistance levels to identify potential buying opportunities.

Analyst Stockmoney Lizards notes that Bitcoin is approaching a critical point, representing a potential entry point for investors. His technical analysis highlights a classic 5-wave uptrend, followed by an ABC retracement on the 4-hour chart, indicating a typical Elliott wave pattern.

Key Support and Resistance Zones

Support levels

The immediate buy zone is set between $61,880 and $62,300. A bounce from this range could signal a continuation of the uptrend. If this support fails, the next significant level to watch is around $56,810.

Resistance levels

On the upside, Bitcoin faces resistance at $66,745. A break above this level, on strong trading volume, could indicate the next buying opportunity. The top of the value zone at $69,885 also remains a key resistance point.