Bitcoin Under Pressure With Mt. Gox Distribution, Key Levels to Watch

Highlights

Bitcoin broke below the average purchase price of $66.5k for 1-3 month holders.
Spot Bitcoin ETFs saw net outflows of $78 million after 12 days of inflows.
Mt. Gox distribution to Bitcoin creditors on Kraken and Bitstamp can turn the sentiment negative.

The world’s largest cryptocurrency Bitcoin (BTC) has come under pressure with crypto exchange Mt. Gox distributing the Bitcoin to creditors on crypto exchange Kraken. The Bitcoin price is down by an additional 2.37% slipping under $66,000 as of press time.

Mt. Gox Distribution – Key Bitcoin Levels to Watch

Cryptoquant CEO Ki Young Ju reported that the Mt. Gox creditors received their BTC on Kraken a few hours ago. However, despite this distribution, there’s no major surge in the hourly spot trading volume dominance or BTC outflows on Kraken. Ju said that this initial lack of market disruption is a positive sign for Bitcoin.

As per the latest data from Arkham Intelligence, Mt. Gox moved a total of 37,477 BTC worth $2.5 billion 30 minutes ago. Since July 5, Mt. Gox has transferred a total of 52,549 BTC ($3.31B) to Bitstamp, Kraken, and Bitbank for repayment

Amid today’s correction, the Bitcoin price has slipped under the average purchase price of $66.5k for holders who have held BTC for 1-3 months. As per CryptoQuant, as BTC breaks this crucial support level, the attention should shift to the 3-6 month holder average purchase price range of $63.6k.

Also, the spot Bitcoin ETFs saw its first outflow after 12 consecutive days of inflows. On tuesday, July 23, the spot BTC ETFs saw a total of $78 million in net outflows.

Also Read: Mt Gox Moves $2.8B In Bitcoin

BTC Deposit Addresses on Decline

The on-chain data from CryptoQuant also shows that there’s a substantial decrease in the total deposit addresses for BTC across all exchanges, reaching a low of 250,000. This reduction in the deposit addresses highlights a major shift in the Bitcoin holding patterns among investors.

This drop in the total number of addresses ready to sell Bitcoins suggest that most holders prefer to retain their assets with the expectation of further price surge. Thus, this behavioral trend highlights a growing confidence among Bitcoin investors.

A decreased willingness to sell assets could reduce the overall Bitcoin supply in the market. With steady or increasing demand, this scarcity may drive up prices, signaling a bullish outlook and indicating expectations of higher future values.

While the BTC price is once again facing selling pressure, analysts noted that it must continue to hold above $65,000 to avert any major pullback from here. with the arrival of the spot Ethereum ETFs, it will be interesting to see whether the focus shifts to Ethereum.

Also Read: Bitcoin Price To Hit $70,000 With $485M BTC ETF Volume

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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