Why Bitcoin Price Is Down Today?

Highlights

Bitcoin price failed to recovered from a pullback after reports of Mt. Gox's massive BTC move.
Whales sold BTC and didn't purchased considering US PCE inflation data and crypto market expiry due May 31.
BTC recorded $25 million in long positions liquidation.
BTC price currently trades at $68,381.

Bitcoin price saw a pullback today after reports of Mt. Gox’s massive BTC move to an unknown wallet address triggered a broader market selloff. Mt Gox later denied claims of selling $10 billion worth of Bitcoin and Bitcoin Cash reserves for making repayments to creditors. However, the crypto market failed to rebound despite denial by a former executive.

Why Bitcoin Price Is Going Down Today

Mark Karpeles, former CEO of Mt. Gox, said “Everything is fine with MtGox. The trustee is moving coins to a different wallet in preparation of the distribution that will likely happen this year, there is no imminent sale of bitcoins happening.”

However, large amounts of Bitcoin have been moved causing a net drop of BTC held by 1K-10K and 10K-1ooK BTC wallet addresses. This caused sentiment to remain down as traders considered other factors.

Bitcoin still holds firm above key support level at $66K, but headwinds such as US PCE inflation data and crypto market expiry on May 31 are likely factors traders considered staying away from the market.

CoinGape reported that over 68,383 BTC options of a notional value of $4.66 billion are set to expire, with a put-call ratio of 0.57. The max pain point is $65,000, indicating high odds of Bitcoin selloff after days of low trading volumes. Implied volatility (IV) witnessing significant declines across all major terms, which means volatile price movements can likely cause a further pullback in BTC price.

Crypto Liquidations

Crypto market saw $170 million liquidated in the last 24 hours, as per CoinGlass data. Ethereum (ETH) outpaced Bitcoin in liquidation, with BTC recording $25 million in long positions liquidation. The largest single liquidation order happened on crypto exchange Binance as someone traded ETHUSDT valued at $4.92 million.

BTC price fell over 3% in the past 24 hours, with the price currently trading near $68,243. The 24-hour low and high are $67,227 and $70,479, respectively. Trading volumes rise over 25%, indicating interest among traders but with caution.

The US dollar index (DXY) rose above 104.54 after the recent drop in dollar index. Meanwhile, the US 10-year Treasury yield also climbed to 4.54% after poor results of the 5-year and the 2-year auctions triggered a selloff. In addition, Minneapolis Federal Reserve President Neel Kashkari noted that the current policy stance is restrictive but emphasized that officials haven’t entirely ruled out additional rate hikes.

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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