Bitcoin Hits Two-Month Low with US Election Uncertainties

Bitcoin reached a two-month low on Thursday, continuing its decline with uncertainties surrounding the US presidential elections and reports of bitcoin supply from a defunct Tokyo-based crypto exchange. The cryptocurrency dropped over 2% to $57,843, marking its lowest level since May 2, and has seen a decline of more than 6% this week. Over recent months, the largest cryptocurrency has faced increasing pressure, with its decline accelerating this week following concerns raised after the first debate between US presidential candidates Joe Biden and Donald Trump, which suggested the possibility of Biden being replaced as a candidate.

Bitcoin, continuing its sharp decline, has its first support at 56,200, followed by 55,000 and 54,000 if it falls below this level. On the upside, the initial resistance is at 58,700, with subsequent levels to watch above being 60,500 and 61,500.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
61,500	60,500	58,700	56,200	55,000	54,000