Bitcoin (BTC) price dropped by 4% in the last 24 hours, grabbing the attention of traders and analysts. The question of whether Bitcoin will reach $70K or fall to $40K remains pressing.
Current Bitcoin Price Status
On Thursday, during the early Asian session, Bitcoin price slipped to $58,413. The coin is retesting the support level around $58k after several rejections at the resistance range between $61k and $62k. The recent daily death-cross between the 50 and 200 Moving Averages (MAs) has raised fears of further capitulation. Bitcoin’s fear and greed index also dropped to 29%, indicating heightened fear.
Whale Market Activity
Amid Bitcoin price volatility, on-chain data shows that whales and sharks have drastically increased their activities. For instance, a US-associated wallet deposited 10k Bitcoins (nearly $600 million) to Coinbase Prime in the past 24 hours. Overall, the US government has deposited around 16k Bitcoins to Coinbase in 2024. Currently, the US government holds around 203k Bitcoins worth about $11.9 billion.
Forecasts and Expectations
Bitcoin price is expected to significantly benefit from the upcoming US elections and potential interest rate cut next month. Wednesday’s CPI data suggested that US inflation has been easing, thus pointing to possible rate cuts soon. From a technical standpoint, Bitcoin price could either break out to its all-time high or significantly crash towards $40k. If Bitcoin price closely mirrors that of Toncoin (TON), it might rebound to $64k.
Bitcoin’s future price movements remain uncertain. Macroeconomic factors and the activities of large players will determine the market's direction.
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