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The exchange plans to release 141,686 BTC, worth billions, to its creditors. The exchange is preparing to distribute 141,686 BTC, currently valued at billions of dollars, to its creditors. Since Bitcoin has surged over 8,500% since the collapse of the exchange in 2014, many creditors are likely to sell their holdings to finally cash in on their long-awaited profits.
Mt. Gox begins repaying creditors with 141,686 $BTC
— Crypto Tale (@cryptotalemedia) August 14, 2024
how will this massive transfer impact Bitcoin’s price and market stability?
Dive into the details and find out what’s next! 🔗👉 https://t.co/smGDQmX4Zc#MtGox #Bitcoin #BTC #Crypto
This substantial influx of BTC into the market, combined with the already bearish sentiment, could put additional downward pressure on Bitcoin’s price. The sheer volume of Bitcoin that may be offloaded as a result of these repayments could heighten concerns about a prolonged bearish trend in the market.
Key Bitcoin Levels To Watch – August 13
The BTCUSD pair is displaying a bearish trend, with the price recently breaking below the 0.618 Fibonacci retracement level at $62000, signaling further downside potential. The MACD indicator shows a bearish crossover, with the signal line crossing below the MACD line, reinforcing the downward momentum. The price has fallen below the 9-day SMA, which is currently around $58260, indicating continued short-term bearish pressure.
A strong support level exists at $56500, but if broken, the price could decline towards the next significant support at $50510. The formation of lower highs and lower lows suggests that the bearish trend is likely to persist. Any attempts to rally may face resistance at $62410 and $64480, where selling pressure could resume.
BTCUSD Key Levels
Resistance Levels: $66000, $73840, $80000
Support Levels:, $56500, $50510, $49050
BTC/USD Metrics
Total Market Capitalization: $2.14T
Bitcoin Market Capitalization: $1.20T
Bitcoin Volume: $28.43B
Market Rank: #1
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