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After a decade-long wait, creditors of the now-defunct Mt. Gox Bitcoin exchange have finally begun receiving their owed Bitcoin (BTC) and Bitcoin cash (BCH) via the Kraken and <a href="https://bitcoinist.com/mt-gox-bitcoin-to-bitstamp/" target="_blank" rel="noopener nofollow">Bitstamp </a>crypto exchanges.&nbsp; 
However, this had a notable impact on the cryptocurrency market, contributing to a nearly 4% drop in the price of Bitcoin after users confirmed the deposits to their wallets from the exchanges.&nbsp; 
<h2 id="mt-gox-distributes-millions-to-bitstamp-and-kraken">Mt. Gox Distributes Millions To Bitstamp And Kraken</h2> 
On an early Tuesday morning, wallet addresses linked to Mt. Gox initiated the transfer of $2.85 billion worth of BTC.&nbsp; 
According to on-chain <a href="https://x.com/ArkhamIntel/status/1815681016050147533" target="_blank" rel="noopener nofollow">data </a>from blockchain analytics platform Arkham, Mt. Gox executed the movement of $2.85 billion in BTC to new wallets with the primary purpose of distributing 5,110 BTC, equivalent to $340.1 million, to four distinct Bitstamp addresses.&nbsp; 
Bitstamp is one of the five exchanges that collaborate with the Mt. Gox Trustee to facilitate the return of <a href="https://www.newsbtc.com/news/imx-bulls-pummel-the-bears-with-a-10-uptick-this-week/" target="_blank" rel="noopener ">funds </a>to the exchange’s creditors, including Kraken and Japanese exchanges Bitbank and SBI VC Trade. Notably, Mt. Gox still retains possession of 85,234 BTC, valued at approximately $5.70 billion. 
While some users within the Reddit community have <a href="https://www.reddit.com/r/mtgoxinsolvency/comments/1eac21h/kraken_btc_arrived/" target="_blank" rel="noopener nofollow">confirmed </a>the receipt of Bitcoin returned by Mt. Gox through Kraken, Bitstamp users have reported not yet receiving their allocations.&nbsp; 
<img decoding="async" class="size-large wp-image-631234" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot_307.jpg?w=860&amp;resize=860%2C446" alt="Bitcoin" width="860" height="446" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot_307.jpg?w=910 910w, https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot_307.jpg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot_307.jpg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot_307.jpg?w=860&amp;resize=860%2C446 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Screenshot_307.jpg?w=750 750w" sizes="(max-width: 860px) 100vw, 860px" loading="lazy" data-recalc-dims="1"> 
Kraken had previously <a href="https://x.com/News_Of_Alpha/status/1813167748115292467" target="_blank" rel="noopener nofollow">announced </a>the successful reception of creditor funds from the Mt. Gox trustee amounting to over $3 billion or 48,641BTC, estimating a timeframe of 7-14 days for the complete deposit of funds into user accounts. 
<h2 id="critical-support-zones-for-bitcoin">Critical Support Zones For Bitcoin&nbsp;</h2> 
In the aftermath of the Mt. Gox payouts, market data analysis platform CryptoQuant has spotted the price correction that BTC has experienced over the past few hours, with the company noting that it has impacted the line of 1-3 month BTC holders.&nbsp; 
CryptoQuant <a href="https://x.com/cryptoquant_com/status/1815683450973671529" target="_blank" rel="noopener nofollow">emphasizes </a>the importance of monitoring support levels, specifically highlighting the $63,600 area, representing the average purchase price of 3-6 month bitcoin holders. 
Crypto analyst Caleb Franzen, on the other hand, has <a href="https://x.com/CalebFranzen/status/1815802868580090057" target="_blank" rel="noopener nofollow">observed </a>Bitcoin returning to a familiar support zone, which has proven effective. Despite the temporary setback, Franzen contends that Bitcoin has displayed a pattern of higher highs and higher lows in the short term, indicating resilience amidst the current price volatility. 
Further insights provided by analyst Ali Martinez point to a potential <a href="https://x.com/ali_charts/status/1815743814994145351" target="_blank" rel="noopener nofollow">double-bottom pattern</a> with bullish relative strength index (RSI) divergence on lower time frames for Bitcoin. If confirmed, Bitcoin could see a rebound to $67,600, contingent upon the critical support level at $66,000 holding firm. 
Delving into on-chain <a href="https://x.com/ali_charts/status/1815465268745056527" target="_blank" rel="noopener nofollow">data</a>, Martinez underscores a crucial support zone for Bitcoin between $63,440 and $65,470. Within this range, approximately 1.89 million addresses collectively purchased 1.23 million BTC, highlighting the significance of this zone as a key area to monitor in the coming days. 
<img decoding="async" class="size-large" src="https://www.tradingview.com/x/nK2BQJgg/" alt="Bitcoin" width="1815" height="858" loading="lazy"> 
Featured image from DALL-E, chart from TradingView.com&nbsp;

Mt. Gox Creditors Begin Withdrawing Owed Bitcoin And BCH Funds Via Kraken

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