Bitcoin Slumps to Fresh Yearly Low Amid Technical Support Test

Bitcoin has plummeted more than 30% from its May highs, and is now testing one of its most important technical support zones. The cryptocurrency's price has fallen for seven out of the past eight weeks, leaving investors wondering if it will continue to decline or find a lasting low.

According to Michael Boutros, FOREX.com Senior Market Analyst, the current price range is critical in determining whether Bitcoin begins forming a lasting low or extends towards another major leg lower. Boutros notes that Fibonacci retracements, long-term trendlines, and momentum signals are all converging at this key support zone.

Boutros also examines the four-year crypto cycle, highlighting key resistance levels and technical signals traders are watching closely. With Bitcoin's price falling to a fresh yearly low, investors are eagerly awaiting signs of a potential turnaround or further decline.