As new Mt. Gox spending has increased market fears, Bitcoin Whale plans to buy BTC at a higher price


Bitcoin (Bitcoin) On November 23, there is no sign of resolving the resistance of $60,000, because the specter of the closed exchange Mt. Gox has re-entered the price movement.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Mt. Gox’s upcoming spending makes waves

Data from Cointelegraph Markets Pro with Transaction view BTC/USD once again reversed Monday’s progress in setting a local high above $59,500.

As the latest events in the rehabilitation of Mt. Gox, originally published on November 16, began to appear in the media, a return of $55,000 followed.

in a announcementTrustee Nobuaki Kobayashi confirmed that the plan has now become “final and binding,” which means that the 141,000 BTC in custody will be distributed soon.

“Then the rehabilitation trustee will repay the rehabilitation creditors who have allowed rehabilitation claims in accordance with the rehabilitation plan,” it said.

“The specific time, procedure and amount of such repayment will be announced to the reorganization creditors.”

Although the details of Mt. Gox’s conclusions have long been known, the already unstable market seems to have doubled down on Tuesday’s position, and market sentiment has been further hit.

according to Crypto Fear and Greed Index, The “neutral” sentiment of a day ago has now returned to the realm of “fear”, which is 33/100 at the time of writing.

Crypto Fear and Greed Index. Source: Alternative.me

Moving monthly and business as usual

At the same time, popular trader and analyst Rekt Capital pointed out that on a monthly basis, Bitcoin’s behavior is entirely reasonable.

related: $60,000 becomes resistance-5 things to watch for Bitcoin this week

After hitting the highest monthly closing price in history in October, it is now continuing to retest the previous monthly support level for 2021.

At the same time, as in previous downturns, a large number of investors on exchanges seem to bet and even try to accelerate new earnings.

As Charles Edwards, the CEO of asset management company Capriole, pointed out, the level of buyer support is rising because Bitcoin has failed to reach its goal.

“Bitfinex’s whales have raised their bids again,” he said disclose The platform chart next to it shows $54,000 as the new focus instead of $50,000.

BTC/USD annotated chart with support and resistance strength.Source: Charles Edward