4. Technical Factors

From a technical perspective, the decline in Bitcoin price is part of an ongoing correction after testing resistance from a multi-month descending trend line.

As of August 1, Bitcoin price is above its 50-day exponential moving average (50-day EMA) at around $64,300, with a potential rebound towards the upper trendline at around $68,250.

However, if Bitcoin breaks below the 50-day EMA support, it is likely that the price will drop further towards the $59,500-$54,500 range defined by the 200-day EMA and the lower trendline. This correction signals that investors need to be more cautious and monitor key technical levels.

Bitcoin's current price decline is influenced by a combination of macroeconomic, political, and technical factors. The Federal Reserve's interest rate decision created uncertainty in the market, while political developments in the US and the large transfer of Bitcoin from Mt. Gox add to the selling pressure.

From a technical perspective, this drop is part of a larger correction. Investors need to monitor these developments closely to make informed investment decisions.

This situation underscores the importance of understanding the various factors affecting the cryptocurrency market in order to respond wisely to changes.