Greed

Bitcoin

Arkham

Rekt

<ul>
 <li><strong>Bitcoin price declined by 2.58% in the last 24 hours, slipping down to $58.6K.</strong></li>
 <li><strong>Mt. Gox has moved 13,265 BTC worth $784 million.</strong></li>
</ul>
<p>Bitcoin (BTC) has fallen below $59,000 again, leaving traders and investors anxious with its intense consolidation phase. The largest cap cryptocurrency has been in a crisis to maintain its position above the $60,000 price level.</p>
<p>Despite breaking the resistance, BTC signals a brief bearish rally by sliding down to $58,610 after a 2.58% drop in the last 24 hours. As of the current 24-hour timeframe, this dip was triggered by Mt. Gox’s <a href="https://thenewscrypto.com/mt-gox-shows-btc-movement-activity-after-3-weeks-of-dormancy/" target="_blank" rel="noopener noreferrer nofollow">transfer</a> of 13,265 BTC worth approximately $784 million after being dormant for a few weeks. Moreover, as per Arkham Intelligence <a href="https://platform.arkhamintelligence.com/explorer/entity/mt-gox" target="_blank" rel="noopener noreferrer nofollow">data</a>, Mt. Gox still has 46,164 BTC in its possession, valued at around $2.74 billion.&nbsp;</p>
<p>Meanwhile, it is crucial to note the BTC’s market sentiment in the fear zone as the Fear and Greed Index stays at 26. At the time of writing, BTC traded at $59,395, and the daily trading volume has dropped by over 2% to $27.49 billion according to CMC <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">data</a>. Over the last 24 hours, according to Coinglass <a href="https://www.coinglass.com/LiquidationData" rel="noopener noreferrer nofollow">d</a><a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noopener noreferrer nofollow">ata</a>, Bitcoin has witnessed a liquidation of $30.11 million.&nbsp;&nbsp;</p>
<p>On the other hand, crypto analyst Rekt Capital <a href="https://x.com/rektcapital/status/1825823150128480478" target="_blank" rel="noopener noreferrer nofollow">anticipates</a> BTC to re-enter into the post-Halving reaccumulation phase if BTC price closes the next week above $60,600. The analyst also believes that such a close will signal the end of the downward deviation period for Bitcoin.</p>
<h3 class="wp-block-heading" id="h-what-s-ahead-for-btc-price">What’s Ahead for BTC Price?</h3>
<p>BTC has shown clear downward price momentum in the past week, with an over 3% decline. The week began with Bitcoin trading in the $61K range. As days went by, the token’s price fell back to a low of $56,797. The downside pressure continues, and BTC is struggling to climb up.&nbsp;</p>
<p>If BTC can rise to break the descending momentum near the $60K level, the asset will likely test the $61,438 resistance soon. However, if the BTC price bounces back to the $58K mark, the nearby support level might be at $57,364.&nbsp;</p>
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 <figure class="aligncenter"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXefBuwaoXnFaKwphka16Fn088TYfwfAaESVmS1eT8xYtH9BkBhK0qZr11XZRmcPvCJHgvM6hVB4Qkt2lFpUCHDUOxWlEVqKsjfiibTZ9rLHaVA8xJk-2NK-Ub9VBgpWJzu0py8vhLWluqAjHFofcZvv9qwt?key=US70fB2MTLVHu2-j_vn5sw" alt="">
 </figure>
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<p>Meanwhile, Bitcoin’s price momentum is approaching neutral market sentiment, as the daily relative strength index (RSI) stands at 47.17. Notably, the short-term 9-day MA is found at $59,111, and the long-term 21-day MA is at $59,329, below the current price.&nbsp;</p>

What Does This Recent Consolidated Dip Mean to Bitcoin (BTC)?

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