Bitcoin Price Prediction: BTC Plunges 3% As Mt. Gox Moves $784 Million And This Solana GameFi Crypto Closes On $2 Million
The Bitcoin price plunged 3% in the last 24 hours to trade at $59,553 as of 03:18 a.m. EST on trading volume that dropped 7% to $27 billion.
This comes as an address associated with the defunct crypto exchange Mt. Gox moved 13,265 BTC worth $784 million.
According to Alex Thorn, head of research at Galaxy Digital, the latest batch of on-chain movement of BTC may not translate into substantial selling pressure.
Bitcoin Price Could Still Surge
The Bitcoin price has been in a consolidation phase since August 8, as BTC trades on a sideways pattern within the $61,000 resistance and the $56,665 support zone, according to data from GeckoTerminal.
BTC has now crossed above the 50-day Simple Moving Average (SMA), which suggests that Bitcoin’s price could be on an uptrend in the short term.
Moreover, the Relative Strength Index (RSI) also seems to be rebounding from the 50-midline level, currently at 51, as it indicates a growing buying pressure.
If the buying continues, the Bitcoin price could breach the upper boundary of the sideways pattern. The bulls aim to surpass the 200-day SMA at $62,255 as they target $64,000.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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