Bitcoin faces downward pressure as Mt. Gox prepares for repayments

was in a tough spot after persistent selling pressure forced prices down from $71.9k on the 6th of June to $61.4k at press time. The $60.5k level was visited just a few hours earlier and came on the back of news from the Bitcoin exchange Mt. Gox.

It was once the world’s top exchange, but a lot has changed since then. The repayments of the assets stolen from clients faced years of delayed deadlines, but finally,Rehabilitation Trustee Nobuaki Kobayashi stated that the Rehabilitation Plan will see repayments made in Bitcoin and Bitcoin Cash , which could add to the selling pressure in the market on these assets.It is possible that the wave of selling pressure in the weeks since then anticipated developments of this sort.

Thereafter, the possibility of a trend reversal in favor of the bulls would become more likely, he observed. This process could take time, and traders and investors might see more losses or consolidation for BTC in the coming weeks.was once more in the oversold region, below the 30 value. The previous three times it happened saw a subsequent recovery in Bitcoin prices measuring 60%, 63%, and 198%.

A violent move southward, potentially pushing below $60k in search of liquidity, before consolidation or recovery is anticipated in the coming weeks.Data from Coinalyze showed that the spot CVD has steadily declined over the past month. This was a sign of selling pressure in the spot market and underlined Bitcoin’s weakness.Together, it indicated bearish sentiment over the past three weeks. Futures traders were unwilling to bet on a BTC recovery and spot traders continued to sell their assets.

Coin Coin Latest News, Coin Coin Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Bitcoin: How Mt. Gox’s $9B BTC transfer failed to stir the marketMt.Gox made a splash in the Bitcoin market when they transferred over $9 billion worth of the token, but Netflow remains unfazed.
Source: CryptoAmb - 🏆 22. / 68 Read more »

Large Mt. Gox Creditors Are Unperturbed by Looming Bitcoin DistributionAs the defunct exchange Mt. Gox inches closer to returning roughly $9 billion in Bitcoin a decade after filing for bankruptcy, crypto investors are increasingly fretting that will dampen prices. Perhaps they shouldn’t be.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Bitcoin Retreats as Traders Mull Risk of Sales Linked to Mt. Gox(Bloomberg) -- Bitcoin fell as traders monitored transfers by wallets belonging to the failed Mt. Gox exchange, whose administrators have been stepping up...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Bitcoin Retreats as Traders Mull Risk of Sales Linked to Mt. GoxBitcoin fell as traders monitored transfers by wallets belonging to the failed Mt. Gox exchange, whose administrators have been stepping up efforts to return a $9 billion hoard of the largest digital asset to creditors.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Bitcoin stalls at $68k after Mt. Gox jitters, bull analysts see higher prices aheadThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »

Bitcoin: Is Mt. Gox’s $2.9B BTC transfer signaling a market turmoil?Arkham Intelligence has revealed that Mt. Gox exchange has made a transfer of nearly $3 billion in BTC in the early hours of today.
Source: CryptoAmb - 🏆 22. / 68 Read more »