- Bitcoin price has marked a notable decline of 8.55% over the last 24 hours.
- BTC market enters an intense fear zone as the fear and greed index drops to 29.
Bitcoin, the leading cryptocurrency, has continued to show a downtrend for the last month. BTC hit its four-month low, declining 8.55% to $53,485. The noted decline and selling pressure are paralleled with the defunct crypto exchange Mt. Gox’s Bitcoin repayments to its creditors.
Mt. Gox wallets actively moved 47,229 BTC worth $2.7 billion to another wallet yesterday, according to Arkham Intelligence. As reported by PeckShieldAlert, the defunct exchange transferred 1.55K BTC, worth $85 million, to Bitbank.
The exchange went bankrupt in early 2014 with a loss of an estimated 740K Bitcoin, and the ten-year-old wait ended as Mt. Gox began the repayments through the Rehabilitation Trustee. Currently, its BTC holdings total up to 141.687K BTC, valued at $7.68 billion. Their recent BTC transaction is valued at around 151.15 million.
The global crypto market showed a 9.19% decline in market cap within the last 24 hours. BTC bears have taken up the potential bull market. Bitcoin’s value slipped below the $55K mark. At press time, Bitcoin traded at $54,332. Meanwhile, the daily trading volume recorded a 46.36% increase and stood at $49 billion, according to CMC data. Moreover, over the past 24 hours, nearly $225.15 million worth of BTC was liquidated from the market.
BTC Bears Show No Signs of Defeat?
In the past week, the Bitcoin price has declined over 11%. The week began with a price movement above $60K, and the token has failed to sustain the bull run encountered by the bears, resulting in a steady decline to $54K. The Fear and Greed Index of Bitcoin was marked at 29, pointing to intense fear in the market.
By analyzing the 24-hour price chart, the short-term 9-day moving average (9MA) indicates the current bearish trend. Meanwhile, the daily RSI, which stands at 24.45, asserts that the asset is in an oversold zone.
If Bitcoin bulls get to defeat the bears, BTC might find its resistance at $54,216. And the next resistance level will be found at $54,608. Conversely, if BTC experienced a bearish rally, the price could bottom toward a support level of $53,640. A further dip might take the price to the $53,200 range.
On the other hand, Bitcoin Cash (BCH) has steadily declined by 18% to the $293 price level, as Mt. Gox’s repayments are to be processed in Bitcoin and Bitcoin Cash.
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