Bitcoin back above $65K as traders shake off Mt. Gox BTC transfers
2024.07.16 15:08
Bitcoin (BTC) price rallied to $65,200 after the market shrugged off the recent BTC transfers by Mt. Gox.
Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin turned up from a low of $62,410 on July 15 to an intra-day high of $65,240.
BTC/USD daily chart. Source: TradingView
The last time Bitcoin traded above $65,000 was on June 18, when it dropped from$66,574 to $53,499 on July 5, fueled by German government BTC sales.
High liquidations accompanied Bitcoin’s move above $65,000 as short traders were caught off-guard. According to data from Coinglass, more than $240 million have been liquidated over the last 24 hours, with $126.84 million occurring in the last 12 hours alone. Roughly $147.77 million short crypto derivative traders have been liquidated over the last day.
More than $80.13 million leverage Bitcoin positions have been liquidated over the same period.
Total crypto liquidations. Source: Coinglass
Bitcoin price marches toward $66,000
Bitcoin price is displaying resilience with 3.2% gains over the last 24 hours amid billions of dollars worth of coins leaving the cold wallet linked to defunct exchange Mt. Gox.
While some analysts appeared to ignore BTC’s return above $65,000 given fears of Mt. Gox-induced sell-side pressure, traders are optimistic about a sustained recovery for Bitcoin.
Bitcoin “price currently trending toward actual spot supply between $66K and $70K,” asserted popular analyst Skew in a July 15 post on X.
“So far still seeing limit bids moving up with price which is what you want to see in an early uptrend. One good confirmation so far is the spot buyer around monthly open, which got filled.”
BTC/USD 15-minute chart. Source: Skew
Skew, however, cautioned that “price momentum will still need to see the current flows: taker bids and more limit buyers on dips” before an uptrend is confirmed.
Related: Bitcoin eyes Mt. Gox recovery amid warning over BTC price dip to $58K
Ali Martinez warned that the BTC/USD pair was required to hold above the $62,500 level to sustain the recovery before making a return to all-time highs.
Source: Ali Martinez
Meanwhile, Michael Van de Poppe, founder of MN Capital, noted that although Mt. Gox is getting ready to redistribute 180,000 BTC to its creditors, Bitcoin is on the move, adding that the news will have little impact on the price.
“The actual impact took place last week on the news. I don’t think this will have a significant impact at all.”
As earlier reported by Cointelegraph, analysts believe that the Mt. Gox repayments may not be as bad for BTC as they have already been priced in, explaining the current bullishness in Bitcoin markets.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
