Bitcoin Could Fall To $54,000 As Matt Gox Moves $860 Million In BTC
In the year On August 21, 2024, the defunct and oldest crypto exchange Mt. Gox has moved more than 14,530 Bitcoin (BTC) worth $860 million in the past 24 hours, according to on-chain analytics firm Spotonchain. Following these transactions, the entire cryptocurrency market experienced significant selling pressure.
Mt. Gox transfers $860 million BTC
With the latest transfer, MT Gox now holds a whopping 32,898 BTC worth $1.95 billion in 28 wallets.
As of July 5, 2024, Mt. Gox. It has transferred a whopping 107,958 BTC worth $6.81 billion to various centralized exchanges Bitstamp, SBIVC, Kraken, OKX and Binance as payment to lenders. However, these billions worth of Bitcoins are still in the hands of these exchanges as the lender's payment has not yet started.
Expert opinions Matt Gox lenders
However, concerns remain about what will happen once these lenders receive BTC and start selling it. Maria Carolla, CEO of cryptocurrency exchange StealthEX, made a statement on this concern that due to BTC's potential and rapid evolution and significant adoption, lenders are choosing to hold their funds.
Despite this significant move, BTC is trading near $59,720 and has experienced a price increase of more than 1.5% in the last 24 hours. Meanwhile, the transaction volume decreased by 18 percent, indicating a decrease in the participation of traders.
Bitcoin technical analysis and key levels
According to expert technical analysis, Bitcoin (BTC) looks bearish when it trades below the 200 exponential moving average (EMA) on a daily time frame. Additionally, it has been consolidating in a small range for the past 14 days.
If BTC crosses this consolidation zone and the daily candle closes below $57,880, there is a high possibility that it could fall to the $54,000 level or higher.
So far, market sentiment has been very weak. In addition to Mt Gox, gold has reached an all-time high, which could pose a threat to the cryptocurrency landscape.
