Is Bitcoin (BTC) Price Heading for $70K Breakout or $40K Crash?

The post Is Bitcoin (BTC) Price Heading for $70K Breakout or $40K Crash? appeared first on Coinpedia Fintech News

Bitcoin (BTC) price slipped 4 percent in the past 24 hours to trade about $58,413 on Thursday, during the early Asian session. Therefore, the flagship coin is currently retesting the support level around $58k after being rejected severally at the resistance range between $61k and $62k. 

Following the recent daily death-cross between the 50 and 200 Moving Averages (MAs), the fear of further Bitcoin capitulation has significantly increased. 

As Bitcoin’s price slipped to $58k earlier today, Bitcoin’s fear and greed index dropped to 29 percent, signaling heightened fear of further capitulation.

Moreover, Bitcoin price against the US dollar has been forming lower lows and lower highs since March this year, a characteristic of a falling trend.

Amid the heightened Bitcoin price volatility, on-chain data shows whales and sharks have drastically increased their activities. For instance, a U.S.-associated wallet deposited 10k Bitcoins, worth nearly $600 million, to Coinbase Prime in the past 24 hours. Overall, the US government has deposited around 16k Bitcoins to Coinbase in 2024.