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Bitcoin

Bitcoin Bullish Flag Holds Steady Amidst Large-Scale Transfers

Godspower Owie
by Godspower Owie
1 year ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Well-known cryptocurrency analyst and trader Crypto Jelle has offered insights on the price action of Bitcoin, the largest digital asset, pointing out the formation of a strong bullish flag, despite a wave of massive BTC transfers, particularly from the now-defunct Tokyo-based crypto platform Mt Gox.

Bitcoin Price Action Remains Firm Despite Mt Gox BTC Transfers

On Monday, the bankrupt Bitcoin Tokyo-based exchange Mt Gox carried out a series of significant BTC transfers to an unidentified wallet address. This marks the first on-chain movement of funds from the exchange in more than five years, and it has effectively rattled the coin’s market as a whole, raising worries about possible selling pressure.

Related Reading: Bitcoin Slumps Below $68,000 Amid Reports Of Mt. Gox Payouts

Specifically, the crypto platform moved about 141,000 BTC, valued at approximately $9 billion, to the unknown wallet address. Whale Alert, an on-chain analytics firm, reported that the BTC above was transferred in 6 large-scale transactions to the wallet address.

These transfers are interpreted as encouraging signs that consumers who haven’t been able to access their money since 2014 may eventually get their money back. Following the disclosure that it had lost hundreds of thousands of BTC in a hack, Mt. Gox, one of the leading BTC exchanges in the world, shut down in 2014.

During the devastating attack, roughly 850,000 Bitcoins were stolen, which was worth $450 million at the time. This incident, which is still among the biggest hacks in history, ultimately led to the exchange’s bankruptcy that year.

Since then, creditors have been waiting for their funds to be repaid, often seen as adding selling pressure to the crypto asset’s markets. The transfer seems to align with the exchange’s goal of paying back creditors by the end of October 2024.

These large-scale transfers ultimately led to a dip in Bitcoin‘s price on Monday by roughly 2% to $67,500, before recovering the $68,000 price again. Despite the price drop recorded after the transfers, Crypto Jelle has confirmed that the crypto asset still holds the bullish flag.

Furthermore, the crypto expert noted that the market is currently rangebound. However, should prices break above the $70,000 level once more, it will immediately turn bullish. As a result, Crypto Jelle has urged the community to be patient so that they do not miss out on the development.

BTC Experiencing Bearish Movement

On low timeframes, the digital asset displays sideways price action after failing to breach the $69,000 barrier again. Despite the entire cryptocurrency market’s adverse momentum, a strong recovery is still anticipated to occur soon.

Related Reading: Will The 140,000 BTC From Mt Gox Flood The Market Soon?

Before the Mt Gox transfers, BTC was trading at $70,580. Today, the price trades at $67,581, indicating a 0.33% decline in the last 24 hours.

Valued at $1.33 trillion, its market capitalization has also dropped by the same percentage, while Its trading volume has decreased by over 16% in the past day to $27.64 billion.

Bitcoin
BTC trading at $67,474 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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