Join our Telegram Channel to keep up to date with breaking news coverage.
bitcoin fell more than 3% and briefly dipped below $58,000 for the first time in two months as investors brace for $8.5 billion in refunds from defunct Japanese cryptocurrency exchange Mt. Gox, set to begin early this month.
bitcoin bitcoin“>lost The psychological support at $60,000 followed a wave of selling pressure that recently flooded the cryptocurrency market. As a result, the leading cryptocurrency was trading at $58,563.36 at 3:30 am EST.
<img decoding="async" class="" alt="bitcoin Images – Browse 790,530 Stock Photos, Vectors, and Videos | Adobe Stock” width=”747″ height=”498″ src=”https://technicalterrence.com/wp-content/uploads/2024/07/Bitcoin-drops-below-58000-as-investors-brace-for-Mt-Gox.jpg”/><img decoding="async" class="" src="https://technicalterrence.com/wp-content/uploads/2024/07/Bitcoin-drops-below-58000-as-investors-brace-for-Mt-Gox.jpg" alt="bitcoin Images – Browse 790,530 Stock Photos, Vectors, and Videos | Adobe Stock” width=”747″ height=”498″/>
Selling pressure forces btc to reach critical technical support
Mt. Gox is expected to begin making bitcoin payments to creditors early this month. The dollar value of the amount owed bitcoin The amount owed to investors has increased substantially over the past decade and now stands at around $8.5 billion.
As such, many in the market believe that this could lead to a tsunami of selling pressure in the cryptocurrency market, putting further downward pressure on the btc price.
<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”12.280701754386″>
twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw”>$btc 4H
First test of the 200-day moving average since the October 2023 rally (before ETF)
So far, since the rejection and reversal of the trend around $63.8K, spot selling has been the main driver of this trend.
So for this HTF MA to really act as a systematic trigger for the market, we need to see the market… image.twitter.com/FuW3A48mnJ
— Skew Δ (@52kskew) twitter.com/52kskew/status/1808714751729619375?ref_src=twsrc%5Etfw”>July 4, 2024
As cryptocurrency holders and investors prepare for the worst, bitcoin The price briefly fell below the $58,000 level to $57,874 on Coinbase for the first time in over two months
The leading cryptocurrency also fell to crucial technical support at the 200-day moving average (MA), which it has not tested for the past 10 months.
Meanwhile, 24-hour bitcoin long liquidations finished $73 million, according to data from CoinGlass.
Mt. Gox Refunds Might Not Be So Bad: An Opportunity to Buy the Dip?
Despite recent technical advances, fears surrounding Mt. Gox refunds, and the subsequent btc correction, some investors don’t seem too concerned. Many traders have seen the recent cryptocurrency drop as an opportunity to buy the dip.
<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”11.580459770115″>
bitcoin just dropped to a low of $59.4K and ethereum to $3.1K in the past hour.
The crowd is showing signs of seeing this as an opportunity to buy on dips. The ideal is to wait for their enthusiasm to cool down. The time to buy is when they are impatient and skeptical. photo.twitter.com/5C1BmEn8Av
— Santiment (@santimentfeed) twitter.com/santimentfeed/status/1808619741449494831?ref_src=twsrc%5Etfw”>July 3, 2024
Cryptocurrency research firm Santiment shows that mentions of “buying the dip” on popular social platforms like x, Reddit, bitcoin Talk and 4chan briefly doubled over the past 48 hours.
Meanwhile, a recent CoinShares report They also analyzed the potential impact of Mt. Gox refunds on the btc price. The analysts concluded that “Mt. Gox’s overshoot may not be as brutal as expected.”
As investors brace for potential selling pressure, some may turn to pre-sold bitcoin-themed alternatives to wait out the storm.
A favorite of analysts is 99 Bitcoins (99 btc), to A pillar of crypto education that has over two million registered users on its courses and over 705,000 subscribers on its YouTube channel. Its ICO has already raised over $2.3 million.
Related Posts:
PlayDoge (PLAY): The Latest ICO on the BNB Chain
- 2D Virtual Doge Pet
- Play to Win Meme Coin Fusion
- Participation rewards and in-game tokens
- SolidProof audited – playdoge.io
Join our Telegram Channel to keep up to date with breaking news coverage.
<script async src="//platform.twitter.com/widgets.js” charset=”utf-8″>