- Mt. Gox payouts began, and experts predicted increased selling pressure and further Bitcoin price declines.
- BTC liquidity was below $60K, and it traded under 200-day EMA at press time, raising investors’ concerns;
- BTC’s market cap dropped from $1.23 Trillion to $1.07 Trillion.
The BTC price chart has demonstrated a remarkable upward trend since 2023 on the daily Time Frame, surging by nearly 230% in a one-directional rally move. While it has been bullish for an extended period, the most recent price trend highlighted that sellers dominate the market.
According to @Defi_maestro on X, Mt Gox repayments began on July 5th. The recent bearish performance of Bitcoin was attributed to the Mt Gox payout, with experts forecasting further price declines. The influx of 142,000 BTC count into the market could increase selling pressure among traders.
Mt Gox $BTC repayments start
— Defi_Maestro ✺ (@Defi_Maestro) July 5, 2024
Time to get this over and done with. pic.twitter.com/Pd5CmXd1PU
The price reached an all-time high of $73,643.00 by mid-March 2024, but it struggled for four months to surpass the $70,000 mark. Sellers eventually prevailed, which led to a steep 25% drop within a month.
Currently, most BTC liquidity appears to be below $60,000, and the price was below $55,000, as per the most recent trend. Meanwhile, it has been trading below the 200-day EMA, which has sparked concerns among investors and potential buyers.
The most recent data suggested that Bitcoin has traded at $54,500.00 at press time, marking a 4.48% intraday loss. Its Market capitalization declined from $1.23 trillion to $1.07 trillion in recent weeks. The 24-hour trading volume stood at $51.25 billion, reflecting a 52% increase.
BTC Price Forms Bearish Candles!
The Bitcoin price has been in a strong bearish trend, as it slipped below the 200-day EMA, and has lost around 13.80%for the past three days. That indicated a weakness in the BTC price.
On the daily time frame, the BTC price formed a three-candlestick bearish pattern that goes by ‘three black crows,’ which suggested a bearish outlook. Therefore, sellers may continue to dominate if the price remains below the longer key moving averages.
On the contrary, the last hope for buyers could be at the $50,000 price level, where the price might stabilize. Buyers may look interested if a bullish candlestick develops, followed by a good volume of around $50K. Likewise, if the price surpasses the 200-day EMA with increased volume, it could also signal a positive trend reversal.
Furthermore, the technical indicators have displayed that the RSI was at 24, in an extremely oversold region at press time. It generated a death crossover with the 14-SMA line. Meanwhile, the price fell below key moving averages, reinforcing the bearish outlook.
In case of resurgence, the Potential resistance levels for a bullish move could be at $60,500 and $70,000. However, bearish behavior suggests that Bitcoin could find support around $51,500 and $44,400.
Summary
Since 2023, Bitcoin has surged 230%, but recent trends showed sellers dominating. Mt Gox repayments on July 5th, adding a massive BTC supply to the market, have increased selling pressure. BTC has hit an all-time high of $73,777 but dropped to $54,500. Technical indicators showed a bearish outlook at press time, with potential supports at $51500 and $44400.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.