Bitcoin is experiencing increased volatility, falling 2.16% on Wednesday after a series of failed attempts to break the $70,000 barrier. The recent downturn in BTC price is attributed to the massive transfer of 107,000 Bitcoins, valued at $9 billion, by the defunct crypto exchange Mt. Gox. This has sparked fears of a sell-off as the exchange prepares to distribute the assets to users who lost their funds in its 2014 hack.

Technical Analysis of Bitcoin

As news of the Mt. Gox transfers broke, BTC/USD saw a decline. Market participants anticipate a sell-off once the distributed Bitcoins reach the users. However, Bitcoin’s daily timeframe chart shows a higher high, breaking the bearish trend and indicating a potential buying opportunity. Key support levels to watch are $63,700 and $60,750, where buyers might step in.

Ethereum Holds Steady

Despite the approval of a spot ETH ETF, Ethereum has struggled to surpass the $4,000 mark. Concerns about possible outflows from Grayscale’s Ethereum ETF once it launches may be contributing to this. Nonetheless, Ethereum’s outlook remains positive as long as the price holds above the $3,500 support level.

Solana Faces Resistance

Solana showed resilience with a 0.46% rise on Tuesday, demonstrating strength against Bitcoin, which is trading at fresh weekly lows. However, Solana faces significant resistance at the $172 level. Clearing this resistance could propel the price to a target of $193. In the event of a pullback, the $166 support level will be crucial to maintain.