According to Coindesk, some traders cautioned of a possible BTC move to the $55,000 level due to geopolitical tensions in the Middle East and market sentiment for risk assets like tech stocks. More here: https://www.coindesk.com/markets/2024/08/04/bitcoin-plunges-under-60k-crypto-bulls-lose-200m-as-dogecoin-solana-tokens-drop-10