Convergence

Bitcoin

Billion

Divergence

<ul class="list-ic vertical"> 
 <li> 1 <a>Bitcoin plunged after Mt. Gox transferred $9 Billion BTC to an unknown wallet.</a> </li> 
 <li> 2 <a>The market turned bearish after the news broke out and plunged 1.5%.</a> </li> 
</ul> 
Mt. Gox, the defunct Bitcoin exchange, transferred over 140,000 bitcoins worth around $9 Billion to an unknown address. The wallet data shows it takes thirteen transactions. All the Mt.Gox’s gathered a single BTC wallet. This transfer is possibly part of a plan to repay creditors by October 31, 2024.&nbsp; 
The market reacted bearishly to these movements, with Bitcoin dropping by 1.5%. This is the first movement of assets from Mt. Gox’s cold wallets in over five years.&nbsp;&nbsp; 
CryptoQuant’s Head of Research, Julio Moreno, mentioned in a post that outflows from Mt. Gox addresses are ongoing. A total of 42,829 Bitcoins have been moved from Mt. Gox addresses in the last few hours. All coins have been transferred to a new address: 1JbezDVd9VsK9o1Ga9UqLydeuEvhKLAPs6. 
<center>
 <blockquote class="twitter-tweet">
 Outflows from Mt. Gox addresses continue: Now a total of 42,829 Bitcoin have moved out from Mt. Gox addresses in the last few hours. All coins have been transferred to a new address: 1JbezDVd9VsK9o1Ga9UqLydeuEvhKLAPs6 <a href="https://t.co/s19TtkMP3i">pic.twitter.com/s19TtkMP3i</a>— Julio Moreno (@jjcmoreno) <a href="https://twitter.com/jjcmoreno/status/1795293007908085867?ref_src=twsrc%5Etfw">May 28, 2024</a>
 </blockquote> 
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center> 
The transferred Bitcoins are likely to be held by creditors instead of being sold on the open market. 
<h2 class="wp-block-heading" id="strong-social-volume-vs-social-dominance-strong">Social Volume vs. Social Dominance&nbsp;</h2> 
Social dominance and social volume are in decline. Since March 2, 2024, the social metrics of the coin have continued to decline, indicating that <a href="https://www.thecoinrepublic.com/2024/05/24/bitcoin-spot-etf-in-focus-analyst-predicts-btc-will-skyrocket-soon/" target="_blank" rel="noreferrer noopener">Bitcoin </a>discussions are less in May compared to March. <iframe loading="lazy" title="Santiment Chart: Social Dominance (BTC), Social Volume (BTC)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=bitcoin&amp;pt=BTC&amp;df=2023-11-27T18%3A29%3A59.409Z&amp;dt=2024-05-27T18%3A29%3A59.409Z&amp;emcg=1&amp;emhwm=1&amp;wm=social_dominance_total%3Bsocial_volume_total&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%2368DBF4&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe> 
Bitcoin’s low social volume and social dominance demonstrate that it has low media coverage on social platforms like X, Reddit, and others. 
<h3 class="wp-block-heading" id="strong-bitcoin-price-is-showing-weakness-strong">Bitcoin Price is Showing Weakness</h3> 
Bitcoin is struggling to break through the $71,000 mark, indicating some weakness in its price. However, there is an increased possibility of a breakout as the trading volume decreases and the resistance level is tested multiple times.  
<a href="https://in.tradingview.com/chart/BTCUSD/pIQYW3QS-BTC/"></a> <a href="https://in.tradingview.com/u/writer12_gsm/"></a> <a href="https://in.tradingview.com/"></a>  
On the daily chart of the king crypto BTC, the Exponential Moving Averages (EMAs) suggest an uptrend, with a significant deviation between the 50-day and the 200-day EMAs. The EMAs also showed a golden crossover, indicating bullishness. 
The Moving Average Convergence Divergence (MACD) indicator is strongly bullish, with the MACD and the signal line consistently remaining above the bullish trajectory in a bullish crossover. 
The Relative Strength Index (RSI) is also bullish, with the indicator’s value consistently staying above the 50-level for an extended period and following a bullish cycle. 
When writing, the Bitcoin stands at $68532 with an intraday drawdown of 1.50%. Market cap of BTC at press time stood at $1.35 Trillion.

Mt. Gox Transfers $9B Bitcoin, Ignites Market Speculation

Table of Contents

Thecoinrepublic.com

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