Bitcoin’s price has plummeted by a significant 8.55% in the past 24 hours.
The BTC market has now entered a phase of heightened fear, with the fear and greed index dropping to 29.
Bitcoin, the foremost cryptocurrency, has sustained a downward trajectory over the past month, hitting a four-month low with an 8.55% drop to $53,485. This decline and the resultant selling pressure coincide with the distribution of Bitcoin repayments by the defunct crypto exchange Mt. Gox to its creditors.
According to Arkham Intelligence, Mt. Gox wallets transferred 47,229 BTC valued at $2.7 billion to another wallet yesterday. Additionally, PeckShieldAlert reported that the exchange moved 1.55K BTC worth $85 million to Bitbank. Mt. Gox famously went bankrupt in early 2014, losing an estimated 740,000 Bitcoin, and has now initiated repayments through its Rehabilitation Trustee after a decade-long hiatus. Currently, Mt. Gox holds 141,687 BTC valued at $7.68 billion, with its recent transaction amounting to approximately $151.15 million.
The global cryptocurrency market cap has seen a significant 9.19% decline in the last 24 hours, as bears dominate BTC’s potential bull market. Bitcoin has slipped below the $55,000 mark and is currently trading at $54,332. Concurrently, the daily trading volume surged by 46.36% to $49 billion, as per CMC data. Moreover, nearly $225.15 million worth of BTC was liquidated from the market over the past day.
In the last week alone, Bitcoin’s price has dropped by more than 11%, starting above $60,000 and failing to sustain bullish momentum, leading to a steady decline to $54,000. The Fear and Greed Index for Bitcoin has hit 29, indicating significant market fear.
Analysis of the 24-hour price chart shows a bearish trend with the short-term 9-day moving average (9MA), while the daily RSI stands at 24.45, suggesting oversold conditions for the asset.
If Bitcoin bulls manage to overpower the bears, BTC could face resistance levels at $54,216 and $54,608. Conversely, if a bearish trend continues, support levels might drop to $53,640 and potentially down to $53,200.
Meanwhile, Bitcoin Cash (BCH) has declined steadily by 18% to $293, as Mt. Gox’s repayments are being processed in both Bitcoin and Bitcoin Cash.
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(Source: TradingView)