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.
CORRECTION â in a prior tweet i said mt gox txâd $1.5bn onchain. it was half that â $700m. (sorry, i misread my alerts)
AND, we now think that of the 13,265 BTC moved in this tx, only 1,265 ($74.5m) is meant to distro, w/ 12,000 going to estate fresh cold storage
so, very small
â Alex Thorn (@intangiblecoins) August 21, 2024
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 Bitcoinâs 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.
Bitcoin Price Chart Analysis Source: GeckoTerminal.com
However, if the price of Bitcoin breaches the lower boundary of the pattern at $56,645, BTC could plunge further to find support around $54,635. Â
Meanwhile, as the Bitcoin price aims for a bullish rally, other investors are rushing to buy a new GameFi token on Solana called Mega Dice (DICE) that the prominent YouTube channel 99Bitcoins says could soar 100X after launch.
Mega Dice Presale Garners Over $1.7 Million
The Mega Dice presale is closing in on $2 million in funds raised in its presale.
Mega Diceâs influence in crypto gaming is evident with its growing player base of over 50,000, who wager an average of over $50 million monthly.
Our community's creativity shines in this stunning video featuring $DICE đ€©$DICE â #1 GameFi project on #SOLANA! đ
There's something for everyone at Mega Dice Casino! đ
Join now đhttps://t.co/pzizhtZ2pS pic.twitter.com/URjfXHFvae
â Mega Dice Casino (@megadice) July 29, 2024
Users on the platform also enjoy over 4,000 casino games and have access to over 50 sports and eSports betting options.
Token holders can also earn rewards through staking, receiving daily payouts based on the casinoâs profits.
Mega Dice also offers NFTs for VIP players and a 25% referral commission to further drive engagement and participation on the platform.
To join the presale, you can buy $DICE on the official website here for $0.110529 per token using BNB, ETH, or SOL. You can also earn 10% on any purchases made by investors you refer.
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