Bitcoin

Resistance

Arkham

Mt. Gox has moved over forty-seven thousand BTCs from its cold wallet to an unknown one, and Bitcoin has tumbled. Hard. For the first time since February, the king of cryptocurrencies has dipped below $55,000. Over $110 million was liquidated in the market in only an hour. 
Mt. Gox’s transaction, valued at approximately $2.71 billion based on current prices, marks the first major movement of Bitcoin by the defunct exchange since May. 
<figure id="attachment_551099" aria-describedby="caption-attachment-551099" style="width: 100%" class="wp-caption alignnone">
 <img loading="lazy" decoding="async" class="wp-image-551099 size-full" src="https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-05-at-05.45.36.jpg" alt="Bitcoin dips below $55K as Mt. Gox continues dumping" width="1920" height="939" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-05-at-05.45.36.jpg 1920w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-05-at-05.45.36-300x147.jpg 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-05-at-05.45.36-1200x587.jpg 1200w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-05-at-05.45.36-768x376.jpg 768w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-05-at-05.45.36-1536x751.jpg 1536w" sizes="(max-width: 1920px) 100vw, 1920px">
 <figcaption id="caption-attachment-551099" class="wp-caption-text">
 Source: <a href="https://platform.arkhamintelligence.com/explorer/address/1L7XbxQSLQX2fkf8MiJNp4ok8TSD5J6onk" rel="nofollow noopener" target="_blank">Arkham Intelligence</a>
 </figcaption>
</figure> 
In a statement from Mt. Gox trustee Nobuaki Kobayashi on June 24, creditors were informed that all necessary steps had been completed to begin issuing repayments starting in July. 
This announcement follows a prolonged period of anticipation, as creditors have been waiting since the exchange’s collapse in 2014 for compensation. 
<figure id="attachment_549501" aria-describedby="caption-attachment-549501" style="width: 100%" class="wp-caption alignnone">
 <img loading="lazy" decoding="async" class="wp-image-549501 size-full" src="https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-01-at-18.20.36.jpg" alt="What exactly is headed Bitcoin's way this week?" width="1547" height="1108" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-01-at-18.20.36.jpg 1547w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-01-at-18.20.36-300x215.jpg 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-01-at-18.20.36-1200x859.jpg 1200w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-01-at-18.20.36-768x550.jpg 768w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-01-at-18.20.36-1536x1100.jpg 1536w" sizes="(max-width: 1547px) 100vw, 1547px">
 <figcaption id="caption-attachment-549501" class="wp-caption-text">
 Source: Mt. Gox
 </figcaption>
</figure> 
Experts at 10x Research have noted that Bitcoin’s sharp decline could be just the beginning, with predictions suggesting it might drop further to $50,000. 
<blockquote data-ct-non-breakable="true">
 “Our data from early June already hinted at an overbought market ripe for correction.”&nbsp;
</blockquote> 
<blockquote data-ct-non-breakable="true">
 Markus Thielen of 10x Research
</blockquote> 
<h2 id="the-worst-is-yet-to-come">The worst is yet to come</h2> 
Current market movements tell us that Bitcoin’s bearish momentum is only starting. It stands to get so much worse than this. Take a look at the on-chain data below. The bears have completely taken over. 
<figure id="attachment_551100" aria-describedby="caption-attachment-551100" style="width: 100%" class="wp-caption alignnone">
 <img loading="lazy" decoding="async" class="wp-image-551100 size-full" src="https://www.cryptopolitan.com/wp-content/uploads/2024/07/ITB_btc_bulls_and_bears_bitcoin_2024-07-05T04_55_09.844Z.png" alt="" width="1200" height="800" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/07/ITB_btc_bulls_and_bears_bitcoin_2024-07-05T04_55_09.844Z.png 1200w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/ITB_btc_bulls_and_bears_bitcoin_2024-07-05T04_55_09.844Z-300x200.png 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/ITB_btc_bulls_and_bears_bitcoin_2024-07-05T04_55_09.844Z-768x512.png 768w" sizes="(max-width: 1200px) 100vw, 1200px">
 <figcaption id="caption-attachment-551100" class="wp-caption-text">
 Source: IntoTheBlock
 </figcaption>
</figure> 
However, with 75% of holders in profit, 7% breaking even, and 17% at a loss, the majority of Bitcoin investors are still in the green despite the recent drop. 
Inflows to exchanges over the past seven days amount to $6.79 billion, while outflows are at $5.94 billion. The higher inflows suggest that more BTC is being moved to exchanges, likely for selling. 
<figure id="attachment_551102" aria-describedby="caption-attachment-551102" style="width: 100%" class="wp-caption alignnone">
 <img loading="lazy" decoding="async" class="wp-image-551102 size-full" src="https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-05-at-05.57.22.png" alt="Bitcoin dips below $55K as Mt. Gox moves 47K BTC" width="1829" height="748" srcset="https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-05-at-05.57.22.png 1829w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-05-at-05.57.22-300x123.png 300w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-05-at-05.57.22-1200x491.png 1200w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-05-at-05.57.22-768x314.png 768w, https://www.cryptopolitan.com/wp-content/uploads/2024/07/Screenshot-2024-07-05-at-05.57.22-1536x628.png 1536w" sizes="(max-width: 1829px) 100vw, 1829px">
 <figcaption id="caption-attachment-551102" class="wp-caption-text">
 Source: IntoTheBlock
 </figcaption>
</figure> 
The derivatives market shows a 46.20% increase in volume, indicating heightened activity and interest. A decrease of 6.66% in open interest suggests some positions are being closed, which could either indicate profit-taking or cutting losses. 
Support levels to watch include $53,000 and $50,000. If Bitcoin breaks below these levels, the next major support could be around $48,000. Resistance levels are near $56,000 and $58,000. A break above these levels could trigger reversal or stabilization. 
Reporting by Jai Hamid

Bitcoin dips below $55K as Mt. Gox moves 47,229 BTC

Innehållsförteckning

Cryptopolitan_News

Andra artiklar publicerade 5 juli 2024

Mt Gox creditors may have to wait for up to three months to receive their bitcoin

$41 Million in Dogecoin (DOGE) Sent to Major Exchange: Details

UK High Court Freezes Craig Wright’s Assets to Assist Peter McCormack

Allegations of Illicit Political Donations Engulf FTX Founder’s Family

MoonBag Leads As The Top Crypto Presale in 2024, Leaving Behind Coins Like Dogecoin and Chainlink

Dogecoin Price Crashes Below $0.10! Will Doge Coin Price Recover?

Prenumerera på vårt nyhetsbrev och få kryptouppdateringar varje dag!