Bitcoin Drops 20%, Faces Volatility Amid ETF Outflows and Fed Speculations

Recently under pressure, Bitcoin (BTC), the world's most expensive cryptocurrency, dropped 20% to a low of $58,602 due to outflows in BTC ETFs. Despite recovering 7% over the past week, its future direction hinges on several factors including expectations of Fed interest rate cuts and institutional interest in the asset. Analysts assess the charts to predict its July performance and advise traders on appropriate strategies. Currently, BTC is trading in a range of $62,000 to $63,800, down approximately 14% from its all-time high of $73,750.07. The week started with significant volatility as it reached levels around $65,500.

In Bitcoin, with the initial resistance level at 63,900, the next resistance levels to watch are 65,760 and 67,180 respectively. On the downside, the first support is at 61,600, followed by 60,200 and 58,500.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
67,180	65,760	63,900	61,600	60,200	58,500