Bitcoin

<p>The cryptocurrency market faced significant pressure as traditional markets from the U.S. to Japan saw declines across major indexes and stocks. Bitcoin (BTC) rebounded from lows near $62,500 during Asian morning hours on Friday but remained under pressure, trading near its 50-day moving average, a key technical support level for traders. The global asset sell-off, entering its third day, was exacerbated by geopolitical tensions in the Middle East.</p><h3 id="market-dynamics-and-analyst-insights">Market Dynamics and Analyst Insights</h3><p>Bitcoin&#39;s slump to $62,500 in late U.S. trading hours on Thursday was reversed, with BTC trading just under $64,000 at 6:30 UTC. FxPro senior market analyst Alex Kuptsikevich emphasized the importance of the $63K and $61K levels, near the 50 and 200-day moving averages. A failure to maintain these support levels could see BTC dropping to $55K. Kuptsikevich noted that August is historically a challenging month for Bitcoin, with the cryptocurrency ending the month positively only five times in the past 13 years, averaging a 15.4% decline during negative months.</p><h3 id="broader-crypto-market-trends">Broader Crypto Market Trends</h3><p>The weakness in global equities affected major cryptocurrencies, with Ether (ETH) losing 1.6% in the past 24 hours, and XRP and Solana (SOL) dropping as much as 8%. The broad-based CoinDesk 20 (CD20) index, which tracks the largest tokens by market capitalization minus stablecoins, fell by 2.44%. Bitcoin exchange-traded funds (ETFs) also experienced mixed flows, with U.S.-listed BTC ETFs seeing a daily net inflow of $50.6 million, while some ETFs posted outflows.</p><h3 id="conclusion">Conclusion</h3><p>The ongoing global market sell-off has put Bitcoin and other major cryptocurrencies under pressure, with key support levels being closely watched by traders. While historical trends suggest a challenging month ahead for Bitcoin, the market&#39;s response to geopolitical tensions and traditional market dynamics will be crucial in determining the cryptocurrency&#39;s near-term direction. As the situation evolves, investors will need to stay vigilant and responsive to both technical indicators and broader economic factors.</p>

Bitcoin Eyes $55K Amid Global Market Sell-off

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