Bitcoin Drops Below $55K Amid Mt. Gox Wallet Activity

Bitcoin Drops Below $55K Amid Mt. Gox Wallet Activity

  • Bitcoin price has marked a notable decline of 8.55% over the last 24 hours.
  • BTC market enters an intense fear zone as the fear and greed index drops to 29.

Bitcoin, the leading cryptocurrency, has continued to show a downtrend for the last month. BTC hit its four-month low, declining 8.55% to $53,485. The noted decline and selling pressure are paralleled with the defunct crypto exchange Mt. Gox’s Bitcoin repayments to its creditors.

Mt. Gox wallets actively moved 47,229 BTC worth $2.7 billion to another wallet yesterday, according to Arkham Intelligence. As reported by PeckShieldAlert, the defunct exchange transferred 1.55K BTC, worth $85 million, to Bitbank. 

The exchange went bankrupt in early 2014 with a loss of an estimated 740K Bitcoin, and the ten-year-old wait ended as Mt. Gox began the repayments through the Rehabilitation Trustee. Currently, its BTC holdings total up to 141.687K BTC, valued at $7.68 billion. Their recent  BTC transaction is valued at around 151.15 million.

The global crypto market showed a 9.19% decline in market cap within the last 24 hours. BTC bears have taken up the potential bull market. Bitcoin’s value slipped below the $55K mark. At press time, Bitcoin traded at $54,332. Meanwhile, the daily trading volume recorded a 46.36% increase and stood at $49 billion, according to CMC data. Moreover, over the past 24 hours,  nearly $225.15 million worth of BTC was liquidated from the market. 

BTC Bears Show No Signs of Defeat?

In the past week, the Bitcoin price has declined over 11%. The week began with a price movement above $60K, and the token has failed to sustain the bull run encountered by the bears, resulting in a steady decline to $54K. The Fear and Greed Index of Bitcoin was marked at 29, pointing to intense fear in the market.  

By analyzing the 24-hour price chart, the short-term 9-day moving average (9MA) indicates the current bearish trend. Meanwhile, the daily RSI, which stands at 24.45, asserts that the asset is in an oversold zone. 

Bitcoin Drops Below $55K Amid Mt. Gox Wallet Activity PlatoBlockchain Data Intelligence. Vertical Search. Ai.
BTC Price Chart (Source: TradingView)

If Bitcoin bulls get to defeat the bears, BTC might find its resistance at $54,216. And the next resistance level will be found at $54,608. Conversely, if BTC experienced a bearish rally, the price could bottom toward a support level of $53,640. A further dip might take the price to the $53,200 range.

On the other hand, Bitcoin Cash (BCH) has steadily declined by 18% to the $293 price level, as Mt. Gox’s repayments are to be processed in Bitcoin and Bitcoin Cash.

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