Why is Bitcoin (BTC) Falling and Can It Recover?
Although Bitcoin (BTC) tested the resistances around $ 70,000 several times, it could not fully break it and then there was an intermittent retreat. The dominance of the bears is increasing, especially above $ 70,000.
Bitcoin (BTC) is currently trading at $67,775. It has supports at $67,600 and 67,400 respectively, and a strong support at $66,400.
While rumors of "profit sales coming" on social media worried investors, the unexpected transfer of over 140,000 BTC (approximately $9.4 billion) held by the crypto exchange Mt. Gox, which was closed in 2014, increased the anxiety of investors and fueled the decline of Bitcoin. Mt. Gox, once the world's largest Bitcoin exchange, closed in 2014 after it was revealed it had lost hundreds of thousands of Bitcoin in a hack, and creditors have been waiting to be repaid their holdings ever since. Additionally, the Mt Gox trustees announced that lost coins will begin to be refunded as of October 2024.
Mt. Gox's former CEO, Mark Karpeles, said about the multibillion-dollar transaction: "The trustee is transferring the coins to another wallet to prepare for the distribution, which is likely to be made this year. Bitcoin is not sold for now". Additionally, the Mt Gox trustees announced that lost coins will begin to be refunded as of October 2024. This was not actually unexpected, but since it was an unexpected transaction, investors reacted instantly with sales.
It looks like Bitcoin will continue to consolidate between $60,000 and $70,000 unless it can fully break the resistances around $70,000. However, if it breaks the resistances around $70,000, it could trigger a new bull run. Although selling pressures and the dominance of bears continue, institutional institutions still continue to accumulate Bitcoin, so I expect a new bull run in the coming months, and a new bull run may be much stronger than the previous ones.
Especially individual investors have a variable agenda-oriented structure, so I recommend that you be prepared for sharp declines and sharp rises. Therefore, it is difficult to know which way prices will go in the short term, but I have no doubt that Bitcoin will become much more valuable in the long term.
Thank you for reading
@rtonline
This is not investment advice,I am just talking about current developments and only my personal opinions. As with all money markets, anything can happen in the crypto market at any time, so please do your own research before investing.
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I think it was about time isnt it? lot of hype getting close or even breaking ATH in some places before halving, probably understandable to break ppls hopes before going crazy up again towards the end of the year, in my case Im just starting a long probably decade trip of building my Hive account and accumulating BTC but still like to look at the markets from time to time ✌️ lets just stay positive and I think there will be fireworks closing the year 🤑
Agree. I think so too :)