Prime

Bitcoin

Drops

<ul>
 <li>Bitcoin’s price has declined over 6.85% to $57,000 zone due to market concerns.</li>
 <li>Mt. Gox transactions and a $300M U.S. BTC transfer heighten market sell-off fears.</li>
</ul>
Bitcoin’s <a href="https://thenewscrypto.com/will-bitcoin-btc-stage-a-bullish-comeback-amid-whale-movements/" target="_blank" rel="noopener noreferrer nofollow">price fell</a> nearly 6.85% to $57,733 on Thursday, driven by renewed concerns over potential token distributions from the defunct Mt. Gox exchange and increased capital outflows from major exchanges. This decline came despite positive signals from U.S. inflation and interest rate data, highlighting a growing risk-off sentiment in the market.
Recent developments have heightened fears of additional selling pressure on Bitcoin. <a href="https://thenewscrypto.com/mt-gox-moves-billions-in-bitcoin-for-final-creditor-repayments/" target="_blank" rel="noopener noreferrer nofollow">Mt. Gox</a>, which began returning Bitcoin stolen during a 2014 hack to its clients earlier this year, recently conducted test transactions involving a substantial amount of Bitcoin. This has led to speculation about further distributions, causing unease among traders.
Additionally, the <a href="https://x.com/ArkhamIntel/status/1823755773987500286" target="_blank" rel="noopener noreferrer nofollow">U.S. government</a> has transferred 10,000 BTC, valued at approximately $593 million, from a government wallet to a Coinbase Prime account. This transfer, which follows a previous $2 billion Bitcoin movement to an unknown wallet, has fueled concerns about an imminent sale that could further impact BTC’s price.
In the midst of these developments, USDT outflows are also being monitored for signs of additional price weakness.&nbsp;
<h3 class="wp-block-heading" id="h-bitcoin-signals-bearish-trend">Bitcoin Signals Bearish Trend</h3>
According to the BTC daily price chart, the RSI currently at 39. Bitcoin is nearing the oversold zone, which typically signals that the asset might be undervalued. This could indicate the potential for a price rebound if buying interest picks up.
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" width="1024" height="512" src="https://thenewscrypto.com/wp-content/uploads/2024/08/image-51-1024x512.png" alt="" class="wp-image-105635" srcset="https://thenewscrypto.com/wp-content/uploads/2024/08/image-51-1024x512.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/08/image-51-300x150.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/08/image-51-768x384.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/08/image-51-1536x768.png 1536w, https://thenewscrypto.com/wp-content/uploads/2024/08/image-51.png 1555w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">Bitcoin (BTC) Price Chart (Source: <a href="https://in.tradingview.com/symbols/BTCUSDT/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>)
 </figcaption>
 </figure>
</div>
Further, the 21-day Simple Moving Average (SMA) is positioned above the current BTC price on the 1-hour BTC/USD chart. That indicates a bearish signal.

If Bitcoin fails to maintain its position above $57,000, it could see a decline to $55,000, with a potential bottom support around $54,250. Conversely, if <a href="https://thenewscrypto.com/bitcoin-btc-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin rebounds</a>, it could rise towards $58,500, with further gains possible up to $60,000. Breaking above this level might set the stage for a push towards $63,200 and even $65,000. With further optimism potentially driving the price to $70,000.

Bitcoin Drops to $57K Amid Mt. Gox and US Transfers Fuel Uncertainty

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