BTC Bitcoin Price Analysis:

The price of Bitcoin (BTC) has been on a downward trend since it suffered a setback at the $64,000 level on Monday, following an upward trend in the market over the weekend. After a small increase on Monday, BTC fell 1.25% on Tuesday to $62,106.

On Wednesday, bears continued to dominate the market, with BTC falling more than 3% to $60,215. Sustained selling pressure saw sellers break the $60,000 support level on Wednesday, and BTC prices fell more than 5% to $57,097. The price drop also caused BTC to fall below the 200-day moving average, which is a worrying sign for traders as the 200-day moving average usually provides support during bull markets.

On the current trading day, BTC fell a little over 4% and is trading at $54,688. The background of Bitcoin's price action is that Mt. Gox made a staggering transaction worth $2.7 billion to transfer funds to an unknown wallet. Mt. Gox wallets have become active again and started transferring millions of dollars in BTC. Guanzhu public account: Xiyemiao, Mianfeijiaqun.

For future trends, traders hope that BTC can stop falling and stabilize around $55,000, but sellers have broken through this level and pushed the price down to $54,640. If BTC can recover and break through $55,000, close to the 200-day moving average, it may see price stability. However, if it fails to climb back above $55,000, a larger decline may occur.

By looking at the RSI indicator, we can understand the future price trend of BTC. The current RSI has entered the oversold area, which indicates that there may be some degree of rebound, at least in the short term.

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