4 hours ago
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Key Takeaways
- Bitcoin defended horizontal support near $62,100 on August 1.
- The August 2 rebound tested the 50-day SMA near $63,300 before fading.
- Long-dormant coin inflows increased sharply on Coinbase.
- Funding remained neutral while CryptoQuant’s miner shutdown indicator rose.
Bitcoin’s August 1 decline stopped near the support highlighted in our previous analysis.
The horizontal level around $62,100 had already stopped pullbacks on July 9 and July 14. It also sat close to the lower boundary of the descending channel, creating a narrow support area rather than an exact overlap.
Bitcoin began the August 2 session near $62,700 and moved up to test the 50-day simple moving average around $63,300. Price has since returned to approximately $63,050 at the time of writing, leaving the daily candle below the average.
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