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BTC trades near $63,000 at the time of writing, after the support highlighted in our previous analysis failed to survive the July 31 close.
Buyers initially reacted around the overlap between the 50-day simple moving average and the 0.236 Fibonacci retracement, but Bitcoin finished the session below both.
The July 31 Defence Failed at the Close
The 50-day SMA sits near $63,370, while the Fibonacci retracement is slightly higher at approximately $63,620.
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