Mediaboss Marketing

Most of the Bitcoin being repaid by defunct exchange Mt. Gox will likely be sold, threatening to cause more downside pressure on the price of Bitcoin.

The Mt. Gox repayments could add $8.2 billion worth of additional selling pressure to the Bitcoin (BTC) price, according to finance analyst Jacob King.

The analyst said that onchain movements already point to the fact that Mt. Goxs creditors have started selling. King wrote in a July 4 X post:

The gloomy prediction comes hours after Mt. Gox began repaying its debts in Bitcoin and Bitcoin Cash (BCH), the collapsed crypto exchange announced on July 5.

Related: Ether ETFs will only be a sidekick to Bitcoin ETFs Bloomberg analyst

The predictions raise concerns about the price of Bitcoin, which has been struggling to gain traction for over a month and is currently trading above the $60,000 psychological mark.

Bitcoin has been in a downtrend for the entire month of June, logging a nearly 18% loss during the second quarter of 2024.

However, the market selling by Mt. Goxs creditors could potentially take Bitcoin back into bear market territory, according to the analyst:

The Bitcoin price fell 3.9% in the 24 hours leading up to 10:17 am UTC on July 5 to trade at $55,250. The worlds first crypto is down over 10% on the weekly chart, according to CoinMarketCap data.

Despite the potential selling pressure, the repayments are a positive development for the industry and the defunct exchanges users. This sentiment is echoed by Mark Karpels, the former CEO of Mt. Gox, who highlighted this in a July 5 X post:

Despite the potential selling pressure, the repayments come as a positive for the industry and the exchanges defunct users, as also highlighted by Mark Karpels, the former CEO of Mt. Gox. He wrote in a July 5 X post:

Related: Justin Sun offers to buy German govts $2.3B Bitcoin stack to minimize market impact

More than $9.4 billion worth of Bitcoin is owed to approximately 127,000 Mt. Gox creditors who have been waiting for over 10 years to recover their funds.

Considering that the Bitcoin price increased by over 8,500% during the past 10 years, the majority of defunct creditors will likely look to lock in some profits.

This is partly why King also expects around 99% of the creditors to sell their BTC. He wrote:

Magazine: Could a financial crisis end cryptos bull run?

See the article here:

Up to 99% of Mt. Gox's $8.2B Bitcoin could be sold Analyst - Cointelegraph

Investing.com-- Bitcoin fell sharply in early Asian trade on Monday, reversing a modest rebound seen over the weekend and hitting an over four-month low on concerns over a flood of token supply from defunct crypto exchange Mt Gox.

The fell 5.8% in the past 24 hours to $54,601.7 by 21:28 ET (01:28 GMT), coming close to its weakest level since late-February. The token also broke below a key $55,000 support.

Bitcoin was nursing steep losses in the past two weeks amid concerns over token distributions by Mt Gox. The trustees of the exchange said last week that they had begun distributing tokens stolen during a 2014 hack back to creditors through a slew of exchanges, although they did not specify just how many tokens were being returned.

Wallets associated with the exchange were seen mobilizing about $9 billion worth of Bitcoin earlier this year.

Mt Gox has been a major point of contention for crypto markets, as traders speculated that given the massive increase in Bitcoins price over the past decade, receivers of the token would be likely to sell it on the open market, increasing the tokens supply.

Fears of such a scenario spurred widespread dumping of the token, with several Bitcoin whale wallets also coming online and mobilizing their holdings for sales.

Selling in Bitcoin spilled over into the broader crypto market, with world no.2 token sinking 7.3% to a two-month low.

Read more:

Bitcoin slides to $54k after Mt Gox begins distributions By Investing.com - Investing.com

Bitcoin (BTC) price has declined by more than 9.5% over the last three days after rallying to $64,000 at the start of the week.

Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin suddenly dropped from a high of $63,223 on July 2 to an intra-day low of $56,709 on July 4.

Bitcoins price is down 18% over the last 30 days, and its daily trading volume has dropped by 32% over the same period. However, several indicators hint at a deeper correction, making a swift recovery from these losses unlikely in the coming days.

Bitcoins ongoing downward trend is true to what experts at 10x Research predict could be the lower target for BTC price. They warn that this steep decline may just be the beginning, with Bitcoin potentially dropping further to $50,000.

Breaking the psychological level at $60,000 toward $50,000 marks a significant shift in market sentiment, which 10x Research attributes to buy flows drying up while sell flows are accelerating.

Markus Thielen, an analyst at 10x Research, suggests that the downward spiral was foreseeable, stating:

On June 24, Thielen shared the following chart projecting Bitcoins break out of its consolidation range and decline toward $50,000, citing the potential realization of a double-top pattern.

A double top pattern forms when the price reaches two similar peaks with a slight dip in between, maintaining support above a common line known as the neckline. This pattern typically resolves when the price breaks below the neckline, potentially falling by an amount equal to the distance between the peaks and the neckline.

As weve observed over the past three months, range trading is a complex phase, often marked by several false breakouts, Thielen wrote, adding:

In contrast to Thielen, Michael Van de Poppe, founder of MN Capital, has a slightly higher target for Bitcoin on the downside. Van de Poppe predicts Bitcoin will break below the May 1 low at $56,000 to collect the demand-side liquidity lying under it before declining to $52,809.

Bitcoins drop from an opening of $60,145 to an intraday low of $56,709 saw BTC break below the 200-day exponential moving average (EMA), a support it has enjoyed for over 10 months.

Commenting on the latest price action, popular trader Skew noted that Bitcoins price had crossed below its 200-day moving average (MA) for the first time in 10 months.

At the time of publication, the 200-day EMA was at $58,246, above the spot price.

The 200-day EMA is an important line of defense for Bitcoin, and losing it could expose BTC to further risks. Data from onchain data aggregator IntoTheBlock reveals that the path with the least resistance for Bitcoin is on the downside.

The In/Out of the Money Around Price (IOMAP) chart below shows that Bitcoin faces relatively stiff resistance on the upside compared to the support it enjoys on the downside.

Potential support is above $50,000, where approximately 264,360 BTC were previously bought by roughly 747,140 addresses. This suggests that Bitcoins downside could be capped here.

From a technical perspective, the Bitcoin price action has led to the formation of a classic bear flag pattern, a bearish continuation setup that forms after the price consolidates inside an up-sloping range following a sharp price decline.

Bear flags typically resolve after the price breaks below the lower trendline and drops by as much as the previous downtrends height. This puts the lower target for Bitcoin price at $49,200 levels last seen on Feb. 12.

Additionally, Bitcoins daily relative strength index is oversold at 29. This explains the intensity of the ongoing sell-off, boosting BTCs chances of reaching its bear flag target.

The views, thoughts and opinions expressed here are the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

The rest is here:

How low can the Bitcoin price go? - Cointelegraph

Investing.com - The report that the US government transferred approximately 3,940 BTC worth around $241 million to Coinbase (NASDAQ:) has added a new pressure element to the crypto market.

After gaining the authority to take action regarding the it had seized, the US government continues to transfer cryptocurrencies to exchanges. In April, the government had previously contributed to a market decline by transferring a larger amount of Bitcoin worth $2 billion. While such actions are seen as part of the US's intervention in the crypto market, some believe that the government is making strategic moves to reduce its holdings of crypto assets.

According to Lookonchain data, the US government currently holds approximately 213,46 BTC worth around $13.07 billion. The US holds the most Bitcoin among governments. Globally, approximately 2.7% of the circulating Bitcoin is held by governments, primarily the US, China, the United Kingdom, Germany, and El Salvador. Meanwhile, this move by the US follows the transactions of the German government, which has been transferring Bitcoin to crypto exchanges since last week.

The downtrend in the Bitcoin market has intensified in recent days with the sales from government institutions. However, many market experts attribute the main reason for the Bitcoin decline to miner sales.

Although the pullback in Bitcoin is largely thought to be due to miner sales, the US continues to create market anxiety with its large amount of BTC holdings. Speculations in the market are developing around the idea that the US has the potential to manage the market with its Bitcoin reserves, and it is emphasized that such crypto transfers can create a greater impact with panic selling in the market rather than the amount sold.

After closing the day yesterday with a drop of around 1.5% below $61,000, Bitcoin saw accelerated buying, especially towards US trading hours today. The largest cryptocurrency is currently recovering yesterday's losses and moving towards $62,000.

Originally posted here:

Bitcoin transfer by the U.S. government to Coinbase sparks market speculation By Investing.com - Investing.com

Bitcoin (BTC) has delivered a healthy reset to bullish sentiment thanks to a key BTC price indicator hitting eight-month lows.

In a post on X (formerly Twitter) on June 27, popular analyst On-Chain College said that classic patterns were repeating on the Bitcoin Mayer Multiple.

Bitcoin is still at $60,000, but a strikingly bearish mood has accompanied its latest 17% dip.

As Cointelegraph reported, the Crypto Fear & Greed Index is challenging 2024 lows, and across social media, there are few signs that the average hodler expects a price turnaround.

The Mayer Multiple, however, is arguably suggesting that a recovery could soon take shape.

The indicator measures Bitcoins current price against its 200-day moving average, and the resulting ratio is used as a buy or sell signal. Its creator, Trace Mayer, originally gave a reading of below 2.4 as buy territory.

Data from on-chain analytics firm Glassnode shows that as of June 26, the Mayer Multiple measured 1.05.

Conversely, for the Mayer Multiple to hit the 2.4 level, the price would need to be nearly $140,000. BTC/USD last achieved a 2.4 reading in March 2021.

The Bitcoin Mayer Multiple is now at a level not seen since October 2023, despite price at $60.9K now vs. $29.9K back in October, On-Chain College wrote in part of accompanying commentary.

Extreme lows in the Mayer Multiple do not always correspond to BTC price floors. In mid-2022, the indicator bottomed at around 0.47, but it was another four months before theprice did likewise to mark the pit of the bear market.

As Cointelegraph continues to report, price strength is a popular topic of debate in June as the Mayer Multiple is not the only buy signal currently valid.

Related: Bitcoin price wobbles at $61K as US gov sends 4K BTC to Coinbase

Bitcoins relative strength index (RSI) has also dipped into oversold territory across multiple timeframes.

On the daily chart, RSI was previously at this weeks levels in August 2023 a time at which other bull market support trendlines, such as the short-term holder cost basis, were being violated in a similar way to now.

The last time the RSI was this low, Bitcoin had just consolidated for 3+ months, just below the key resistance @ 30k, popular trader Jelle wrote in part of his latest X post on the topic.

BTC/USD traded at around $60,700 at the time of writing, per data from Cointelegraph Markets Pro and TradingView.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

See more here:

Bitcoin Mayer Multiple hits lows that last accompanied $30K BTC price - Cointelegraph