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Bitcoin price has fallen 3% in the last 24 hours negotiable at $59,553 at 3:18 a.m. EST on trading volume down 7% to $27 billion.
This is an address associated with the defunct crypto exchange Mt. Gox that moved 13,265 BTC worth $784 million.
According to Alex Thorn, head of research at Galaxy Digital, BTC’s latest batch of on-chain movements may not translate into substantial selling pressure.
CORRECTION — in a previous tweet I said mt gox traded $1.5 billion on-chain. It was half of that — $700 million. (sorry, I misread my alerts)
AND, we now believe that of the 13,265 BTC moved in this tx, only 1,265 ($74.5 million) are going to distribution, with 12,000 going to domain cold storage.
so, very small
— Alex Thorn (@intangiblecoins) August 21, 2024
Bitcoin Price Could Rise Further
Bitcoin price has been in a consolidation phase since August 8, as BTC has been trading in a sideways pattern within the $61,000 resistance and $56,665 support zone, according to data from GeckoTerminal.
BTC has now crossed above the 50-day simple moving average (SMA), suggesting that Bitcoin price could be in a short-term uptrend.
Additionally, the Relative Strength Index (RSI) also appears to be bouncing off the mid-50 level, currently at 51, as it indicates increasing buying pressure.
If the buying continues, Bitcoin price could break above the upper boundary of the sideways pattern. The bulls aim to break above the 200-day moving average at $62,255, while targeting $64,000.
However, if Bitcoin price breaks the lower boundary of the pattern at $56,645, BTC could plunge further to find support around $54,635.
Meanwhile, as Bitcoin’s price eyes a move higher, other investors are rushing to buy a new GameFi token on Solana called Mega Dice (DICE) that Popular YouTube channel 99Bitcoins claims its price could increase 100x after launch.
Mega Dice pre-sale raises over $1.7 million
Mega Dice presale closes in on $2 million in funds raised during its presale.
Mega Dice’s influence in crypto gaming is evident with its growing player base of over 50,000 people, who wager an average of over $50 million per month.
The creativity of our community shines through in this stunning video featuring $DICE 🤩$DICE – GameFi Project #1 on #SOLANA! 🚀
There’s something for everyone at Mega Dice Casino! 😎
Join us now 👇 pic.twitter.com/URjfXHFvae
– Mega Dice Casino (@megadice) July 29, 2024
Users of 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 casino profits.
Mega Dice also offers NFTs for VIP players and a 25% referral fee to further drive engagement and participation on the platform.
To participate in 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 all purchases made by investors you refer.
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