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

• Bitcoin price declined by 2.58% in the last 24 hours, slipping down to $58.6K.
• Mt. Gox has moved 13,265 BTC worth $784 million.

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.

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 transfer of 13,265 BTC worth approximately $784 million after being dormant for a few weeks. Moreover, as per Arkham Intelligence data, Mt. Gox still has 46,164 BTC in its possession, valued at around $2.74 billion.

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 data. Over the last 24 hours, according to Coinglass data, Bitcoin has witnessed a liquidation of $30.11 million.

On the other hand, crypto analyst Rekt Capital anticipates 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.

What’s Ahead for BTC Price?

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.

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.

BTC price chart (Source: TradingView)

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.

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