Bitcoin price is struggling at $65K, down by 1.28% in the last 24 hours.
Mt. Gox has moved 45,511 BTC to three wallets worth $3.15 billion.
The Bitcoin (BTC) price seems to extend losses in the market. In the past 24 hours, the largest crypto has struggled to clear the $66.5K level and dipped by 1.28%. A low has formed near $65,323. Following BTC’s price dip, the global crypto market returned to $2.36 trillion, down by 1.45%.
The current dip coincides with Mt. Gox’s huge Bitcoin transfers over the past 10 hours. As per Arkham data, the defunct crypto exchange has moved 81,193 BTC, worth a staggering $5.34 billion, for further repayment to the creditors via 2 transactions.
On the other hand, the baseline scenario of Bitcoin price reflects a slow decline in inflation and growth. The US Federal Reserve will announce its fifth interest rate decision for 2024 today as a conclusion of the Federal Open Market Committee (FOMC) meeting. The expectations on the rate cut and its impact on BTC price is highly speculated. Will the BTC fall further or recover amid this easing inflation scenario and probability of Trump’s election as President?
Can BTC Break the Nearby Resistance?
Over the last month, the BTC price has fallen to a low of $53,905, and later it gained bullish momentum, resulting in the asset being up by 8.30%. While analyzing the weekly timeframe, BTC dropped 0.07%, with the lowest price at $63,506 and the highest at $69,906. At press time, Bitcoin traded at $65,819, observing a 30.92% decline in daily trading volume — currently stands at $27.93 billion, according to CMC data.
Meanwhile, the short-term 9-day moving average is noted above the price at $66,717, indicating a bearish rally. By evaluating the BTC price chart, the daily relative strength index (RSI), which stands at 56.15, hints that the asset is in the neutral zone. Whereas, the BTC Fear and Greed Index stays at 61, suggesting greed in the market.
BTC price chart (Source: TradingView)
If the BTC price gets into bullish momentum, the initial resistance will be at $66,548. The next subsequent resistance may be found at $67K. On the other hand, if the bulls fail to break the initial resistance, the price might drop to a support level of $65K. Furthermore, if bears take control over the bulls, the price may drop to the $64,150 range.
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