Bitcoin Price Prediction: BTC Crashes 3%, Mt. Gox Moves $784 Million, This Solana GameFi Crypto Closes at $2 Million

The Bitcoin price has plummeted 3% in the last 24 hours. Traded at $59,553 As of 3:18 a.m. ET, trading volume was down 7% to $27 billion.

This shows that 13,265 BTC worth $784 million was moved from an address associated with the closed cryptocurrency exchange Mt. Gox.

According to Alex Thorn, head of research at Galaxy Digital, the recent on-chain movements in BTC may not lead to any real selling pressure.

Edit – In my previous tweet I said that mt gox txed $1.5bn on chain. It was half that, $700m. (sorry, misread my notification)

And we believe that of the 13,265 BTC moved in this transaction, only 1,265 ($74.5 million) were distributed and 12,000 went into real estate cold storage.

So it’s very small

— Alex Son (@intangiblecoins) August 21, 2024

Bitcoin price can still surge

According to data from GeckoTerminal, Bitcoin price has been in a consolidation phase since August 8, with BTC moving in a sideways pattern within the $61,000 resistance level and the $56,665 support level.

BTC has now broken above its 50-day simple moving average (SMA), which suggests that the Bitcoin price could be in an uptrend in the short term.

Additionally, the Relative Strength Index (RSI) appears to be bouncing back from the mid-50 level, currently at 51, indicating increasing buying pressure.

If buying continues, Bitcoin price could break above the upper boundary of the sideways pattern. The bulls will target $64,000 and break above the 200-day SMA of $62,255.

However, if Bitcoin price breaks the pattern’s lower boundary at $56,645, BTC could fall further and find support near $54,635.

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