Key facts
- Bitcoin price fell 5% in 24 hours to $68,700.
- The 4-month ascending channel was broken.
- Key support near $70,000 was lost.
- Michael Saylor's firm sold 32 BTC, the first sale since 2022.
Bitcoin's price has dropped 5% in the last 24 hours, bringing it back to its 200-week moving average cloud. This decline saw the breach of a 4-month ascending channel and the loss of key support around $70,000, with the price reaching $68,700. Despite these movements, analyst Aralez maintains a prediction of a potential $250,000 all-time high by 2029, suggesting the current period could be an accumulation zone with a possible bottom near $40,000. The sale of 32 BTC by Michael Saylor's firm, the first since 2022, is also noted as a recent influencing factor. The cryptocurrency's recent plunge has undermined its promise as a safe haven asset.