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Highlights
- Mt. Gox conducts test transactions with more than 80K yet to distribute to creditors.
- BTC faces selling pressure with over $2 billion worth of US govt. Bitcoins on the move.
- As long as the Bitcoin price holds $65,900, the downside looks limited from here.
After distributing nearly 50K Bitcoins to creditors on Kraken and Bitstamp over the past two weeks, the defunct crypto exchange Mt. Gox is now preparing to transfer the remaining 80.5K BTC. This development occurs as Bitcoin faces strong rejection at the $70,000 resistance level.
Mt. Gox Bitcoins On the Move
As per the data on Arkham Intelligence, a Mt. Gox address (12Rgp) transferred 0.02 BTC worth $1,350 to another address beginning with 1Adb. Similarly, the same address also transferred 0.0001 BTC to the address starting with bc1q. This suggests that Mt. Gox is conducting test transfers before moving the rest of the 80,128 BTC, valued at $5.35 billion, that it currently holds.
As said, Mt. Gox has already moved the first tranche of Bitcoins to creditors on Kraken and Bitstamp in the past two weeks. Creditors faced some withdrawal issues on the exchanges last week, however, they remain largely solved as of now.
After almost a decade of waiting since the exchange went defunct, Mt. Gox is willing to finish of the process with creditor distribution. The current distribution could be the final chapter of the major overhang on the crypto industry for almost a decade thereby giving the industry kind of a psychological relief.
On the other hand, the Mt. Gox creditors are also showing a willingness to hold their BTC with diamond hands. Despite volatility, the Bitcoin price has managed to absorb a large part of the selling pressure effectively. But on late Monday, BTC once again came under the selling pressure after facing rejection at $70,000.
Also Read: US Fed Rate Cut in Focus, Will Bitcoin (BTC) Breakout In August?
BTC Under Pressure
As of press time, the Bitcoin price is down by over 4% slipping under $66,500 levels. After breaking above $70,000, popular market analysts like PlanB predicted that the BTC price rally could extend to $150K by the year-end.
Another reason behind the Bitcoin selling pressure is the US government moving a total of 29,800 BTC from Silk Road. The development comes a day after President Donald pitched to make Bitcoin a strategic US reserve.
Going ahead into this week, we have the US Fed meeting where Chairman Jerome Powell will address the issue of inflation and the central bank’s plans for rate cuts.
Also Read: US Govt To Sell Entire Bitcoin Holdings, Peter Schiff Warns
On the technical chart, as long as BTC holds $65,800, the downside looks limited from here with analysts predicting a quick bounce to $68,000.
#Bitcoin shows bullish divergence against the RSI in the lower time frames while the TD Sequential presents a buy signal!
If the $65,800 level holds, $BTC could rebound to $67,400 or $68,100. pic.twitter.com/iWQfY4eS7r
— Ali (@ali_charts) July 30, 2024
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