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<ul>
 <li>Bitcoin price has marked a notable decline of 8.55% over the last 24 hours.</li>
 <li>BTC market enters an intense fear zone as the fear and greed index drops to 29.</li>
</ul>
Bitcoin, the leading cryptocurrency, has continued to show a downtrend for the last month. BTC hit its four-month low, declining 8.55% to $53,485. The noted decline and selling pressure are paralleled with the defunct crypto exchange Mt. Gox’s Bitcoin repayments to its creditors.
Mt. Gox wallets actively moved 47,229 BTC worth $2.7 billion to another wallet yesterday, according to <a href="https://platform.arkhamintelligence.com/explorer/entity/mt-gox" target="_blank" rel="noopener noreferrer nofollow">Arkham Intelligence</a>. As <a href="https://x.com/PeckShieldAlert/status/1809082859824820387" target="_blank" rel="noopener noreferrer nofollow">reported</a> by PeckShieldAlert, the defunct exchange transferred 1.55K BTC, worth $85 million, to Bitbank.&nbsp;
The exchange went bankrupt in early 2014 with a loss of an estimated 740K Bitcoin, and the ten-year-old wait ended as Mt. Gox <a href="https://x.com/The_NewsCrypto/status/1809123014031917324" target="_blank" rel="noopener noreferrer nofollow">began the repayments</a> through the Rehabilitation Trustee. Currently, its BTC holdings total up to 141.687K BTC, valued at $7.68 billion. Their recent&nbsp; BTC transaction is valued at around 151.15 million.
The global crypto market showed a 9.19% <a href="https://thenewscrypto.com/major-cryptos-hit-yearly-lows-as-bearish-condition-intensifies/" rel="noopener noreferrer nofollow">decline</a> in market cap within the last 24 hours. BTC bears have taken up the potential bull market. Bitcoin’s value slipped below the $55K mark. At press time, Bitcoin traded at $54,332. Meanwhile, the daily trading volume recorded a 46.36% increase and stood at $49 billion, according to CMC data. Moreover, over the past 24 hours,&nbsp; nearly $225.15 million worth of BTC was liquidated from the market.&nbsp;
<h3 class="wp-block-heading" id="h-btc-bears-show-no-signs-of-defeat">BTC Bears Show No Signs of Defeat?</h3>
In the past week, the Bitcoin price has declined over 11%. The week began with a price movement above $60K, and the token has failed to sustain the bull run encountered by the bears, resulting in a steady decline to $54K. The Fear and Greed Index of Bitcoin was marked at 29, pointing to intense fear in the market.&nbsp;&nbsp;
By analyzing the 24-hour price chart, the short-term 9-day moving average (9MA) indicates the current bearish trend. Meanwhile, the daily RSI, which stands at 24.45, asserts that the asset is in an oversold zone.&nbsp;
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXfWfjxN7XyeBqet-uf_bE_7uUdRwcddA9m32ldyJKuhewWiY-XCUaKYcuJfToA4O2tbYvn1aJcGX3p5fsa4I2QwDqcyoMzI3QuMuD-z4wILf2rSHF0q9ZsW0sctj48WvKjAWr9ge6ThuSBQoExg7Y68qFQB?key=8PIHOxLyIQ3uW1GfkZh0rw" alt="">
 <figcaption class="wp-element-caption">BTC Price Chart (Source: TradingView)
 </figcaption>
 </figure>
</div>
If Bitcoin bulls get to defeat the bears, BTC might find its resistance at $54,216. And the next resistance level will be found at $54,608. Conversely, if BTC experienced a bearish rally, the price could bottom toward a support level of $53,640. A further dip might take the price to the $53,200 range.
On the other hand, Bitcoin Cash (BCH) has steadily declined by 18% to the $293 price level, as Mt. Gox’s <a href="https://thenewscrypto.com/mt-gox-redemption-alarms-sell-off-pressure-on-btc-and-bch/" target="_blank" rel="noopener noreferrer nofollow">repayments</a> are to be processed in Bitcoin and Bitcoin Cash.
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Bitcoin Drops Below $55K Amid Mt. Gox Wallet Activity

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