Bitcoin Price Reaction: BTC Drops to $64K Amid Mt. Gox Disbursement and Ethereum ETF Outflows
Bitcoin Price Prediction
Bitcoin (BTC), the world’s oldest and most valuable cryptocurrency, struggled to maintain its early-day gains, falling to around $64,020, with an intra-day low of $63,904.
It briefly touched $67,000 in the morning but couldn’t sustain it, dropping below $64,000. This decline is influenced by ongoing Mt. Gox repayments to creditors, which are increasing market supply and exerting downward pressure on Bitcoin’s price.
Additionally, large outflows from Ethereum ETFs are contributing to the bearish sentiment, affecting overall market dynamics and Bitcoin’s value.
Mt. Gox Bitcoin Distribution Impacts Price but Recovery Is Possible
The long-anticipated Bitcoin distribution from Mt. Gox has begun, starting with Kraken users. This influx of Bitcoin has led to a price drop, as large amounts are introduced to the market, increasing supply and exerting downward pressure on BTC prices.
Mt. Gox has transferred 52,549 BTC, worth approximately $3.31 billion, to exchanges such as Kraken and Bitstamp. While Bitstamp users await their distributions, expected within 1-2 weeks, many creditors intend to hold their Bitcoin.
Another Day for fear to Run the Market.
Mt. Gox just moved 37,477 $BTC again Today.
So far, #MtGox has transferred 52,549 #BTC to Bitstamp, Kraken, and Bitbank for repayment.
Almost 70% of their Repayments have been completed. They still hold 37,451 BTC.
Another Crash… pic.twitter.com/hrX6RFt2jn
— Karan Singh Arora (@thisisksa) July 24, 2024
This holding behaviour might help stabilize the market over time.
Key Points:
Mt. Gox has transferred 52,549 BTC, worth $3.31 billion.
Kraken users have received their distributions; Bitstamp users are next.
Many creditors plan to hold their Bitcoin, potentially stabilizing the market.
Ethereum ETF Performance Dips, Pressures Bitcoin Prices
The underperformance of U.S. spot Ethereum ETFs has exerted additional pressure on Bitcoin (BTC) prices. On their second trading day, Ethereum ETFs saw a significant exit of $113.3 million, with Grayscale’s Ethereum Trust ETF alone experiencing over $800 million in net outflows.
Despite some ETFs posting positive results, the overall market sentiment remained negative, leading to a 1.8% drop in ETH prices. This tepid enthusiasm for Ethereum ETFs contrasts sharply with the initial strong interest in Bitcoin ETFs.
Consequently, the disappointing performance of Ethereum ETFs has likely contributed to broader market caution, indirectly impacting Bitcoin prices.
Bitcoin Price Prediction
Bitcoin (BTC/USD) is currently trading at $64,020, down almost 4% in the past 24 hours. With a 24-hour trading volume of approximately $34.7 billion, Bitcoin maintains its position as the top cryptocurrency, boasting a market cap of roughly $1.26 trillion. The circulating supply stands at 19,730,760 BTC, nearing its maximum supply limit of 21 million coins.
Bitcoin’s price action is under pressure, showing a 1.77% decline in the latest session, closing at $64,200. The key pivot point is identified at $64,030. Immediate resistance levels are at $65,050, $65,990, and $67,120. On the downside, support is found at $63,260, $62,490, and $61,540.
The Relative Strength Index (RSI) is at 31, indicating oversold conditions, which might suggest a potential rebound. However, the 50-day Exponential Moving Average (EMA) at $66,090 suggests bearish momentum, with prices trading below this key average.
In conclusion, Bitcoin remains bullish above the $64,030 pivot point, but a break below this level could lead to significant selling pressure. Traders should monitor these key levels closely to anticipate future price movements.
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