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

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