Bitcoin price showed a 4.41% decline in the last 24 hours amid the US Authorities BTC movements.
The token showed a 82.86% surge in daily trading volume according to CMC data.
The US Authorities sparked attention by transferring Bitcoin worth over $2 billion in the last 24 hours. The tokens were seized from a dark web marketplace, the Silk Road. Meanwhile, the Bitcoin price witnessed a slight dip in the past day, sliding back to the $66K level. The overall crypto market also mirrored the largest cryptocurrency by showing a 2.80% decline.
According to CMC data, Bitcoin exhibited a 4.41% decline in market price over the last 24 hours. At the beginning of July 29, BTC was trading at a high of $69,769 before downward movements were initiated. As the token sparked bearish candles prices slid down to current trading levels. At the time of writing, the token was trading at $66,639.
Zooming out over the past month, Bitcoin’s price exhibits a performance of 9.37% increase. Notably, the token witnessed several bull-bear combats and crucial incidents during the course of the last 30 days. At the beginning of July, BTC was confronting a consolidation phase between the ranges of $61K to $63K.
Moreover, the month witnessed two whale movements by prominent personalities. Firstly, the German government initiated a major BTC sell-off consisting of 50,000 tokens being sold during the span of three weeks. Secondly, US-based exchange Mt.Gox began transferring Bitcoin tokens to creditors who suffered losses during the exchange’s hack, a decade ago.
Bitcoin Price Weekly Overview
In the last seven days, Bitcoin has exhibited mixed signals as bulls and bears attempted to take over the price. Presently, the token shows a weekly performance of 1.25% decline influenced by the recent price dip. However, the market sentiment leans towards a buying stage as indicated by the RSI standing at 57.55 according to TradingView data.
BTC/USD Daily Price Chart (Source: TradingView )
Furthermore, its short-term 9-day MA stands above the long-term 21-day MA highlighting the token’s bullish trajectory. Notably, in the past week, the token witnessed a bullish trend fueling prices to inch closer to the $70K level. Bitcoin hit a weekly high of $69,987 on July 29, after which the current dip occurred.
Additionally, according to market analysts, Bitcoin is anticipating bullish price breakouts in the coming months. TheNewsCrypto analysts have predicted a bullish price of $81,013.11 for Bitcoin in 2024.
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