**Crypto News Analysis**
**Analyst Warns: Bitcoin’s Decline Risk Persists — Key Levels to Watch!**
*“A Significant Drop Could Occur If This Level Is Breached!”*
**What Key Levels Should Investors Monitor in Bitcoin?**
*By: Elif Azra Güven*
*Date: 02.08.2024 – 13:10*
*Last Updated: 4 mins ago*
The leading cryptocurrency, Bitcoin, has been navigating a volatile path and saw a drop to $62,300 yesterday evening. Following this dip, BTC managed to rebound, pushing the price above $65,000. The recent downturn is believed to be influenced by escalating tensions in the Middle East. Currently, Bitcoin is trading near $64,000, hovering around its 50-day moving average, a significant technical support level for traders.
In light of this decline, Alex Kuptsikevich, a senior market analyst at FxPro, shared potential scenarios for Bitcoin’s trajectory. Speaking with CoinDesk, he emphasized the importance of monitoring the $63,000 and $61,000 levels if Bitcoin continues its downward trend:
“If Bitcoin’s decline persists, the movements and reactions around the 50-day and 200-day moving averages at $63,000 and $61,000 will be crucial. If these support levels are breached, we could see Bitcoin plummet to $55,000, which would be alarming.”
Kuptsikevich pointed out that historically, August has been one of the two most challenging months for Bitcoin. Over the past 13 years, the cryptocurrency has only risen five times during this month, while it has experienced declines eight times.
As of this moment, Bitcoin is trading at $64,350.
*Disclaimer: This is not investment advice.*
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