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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. <a href="https://coingape.com/mt-gox-denies-10b-bitcoin-bch-selloff-for-repayment/" target="_blank" rel="noopener noreferrer nofollow">Mt Gox</a> 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.
<h2 id="span-class-css-1jxf684-r-bcqeeo-r-1ttztb7-r-qvutc0-r-poiln3-why-bitcoin-price-is-going-down-today-span">Why Bitcoin Price Is Going Down Today</h2>
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.
<img decoding="async" class="aligncenter" src="https://pbs.twimg.com/media/GOsQt4VbcAAprBy?format=jpg&amp;name=4096x4096" alt="Image" width="773" height="526">
Bitcoin still holds firm above key support level at $66K, but headwinds such as US PCE inflation data&nbsp;and&nbsp;crypto market expiry on May 31 are likely factors traders considered staying away from the market.
<a href="https://coingape.com/bitcoin-price-hits-69000-will-it-break-75000-soon/" target="_blank" rel="noopener noreferrer nofollow">CoinGape </a>reported that over&nbsp;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.
<h2 id="crypto-liquidations">Crypto Liquidations</h2>
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.
<a href="https://coingape.com/price/bitcoin" target="_blank" rel="noopener noreferrer nofollow">BTC price</a> 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&nbsp;US dollar index&nbsp;(<a rel="noopener noreferrer nofollow" href="https://www.marketwatch.com/investing/index/dxy" target="_blank">DXY</a>) 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.
Also Read:
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The post <a href="https://coingape.com/why-bitcoin-price-is-down-today/" rel="noopener noreferrer nofollow">Why Bitcoin Price Is Down Today?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Why Bitcoin Price Is Down Today?

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