Renowned cryptocurrency analyst and trader Crypto Jelle presented his observations on the price action of Bitcoin, the largest digital asset, pointing creating a mighty bullish flag despite a wave of massive BTC transfers, particularly from the now-defunct Tokyo-based crypto platform Mt Gox.
Bitcoin price action remains unchanged despite Mt Gox BTC transfers
The Tokyo-based Bitcoin exchange collapsed on Monday Mount Gox conducted a series of significant BTC transfers to an unidentified wallet address. This marks the first on-chain exchange funds flow in over five years and has effectively shaken up the coin market as a whole, raising concerns about possible selling pressure.
Specifically, the crypto platform transferred approximately 141,000 BTC worth approximately $9 billion to an unknown wallet address. Whale Alert, a supply chain analytics company, reported that the above BTC has been transferred in 6 large-scale transactions per wallet address.
These transfers are being interpreted as encouraging signs that consumers who have been unable to access their money since 2014 may finally get it back. After revealing that it had lost hundreds of thousands of BTC in a hack, Mt.Gox, one of the world’s leading BTC exchanges, was shut down in 2014.
During the devastating attack, approximately 850,000 bitcoins were stolen, which were worth $450 million at the time. The incident, still one of the largest hacks in history, ultimately led to the stock exchange’s bankruptcy that year.
Since that time creditors they were waiting for their funds to be repaid, which is often seen as increasing selling pressure on crypto asset markets. The transfer appears to be consistent with the exchange’s goal of repaying creditors by the end of October 2024.
These large-scale transfers ultimately led to relegation Bitcoinprice on Monday by about 2% to $67,500 before recovering to $68,000. Despite the price decline seen following the transfers, Crypto Jelle confirmed that the crypto asset still has a bullish flag.
Additionally, the cryptocurrency expert noted that the market is currently narrow in scope. However, if prices break above the $70,000 level again, the situation will immediately turn bullish. As a result, Crypto Jelle urged the community to be patient so as not to miss out on the development.
BTC is experiencing a bearish move
On the low time frame, the digital asset is showing sideways price action after failing to breach the $69,000 barrier again. Despite the unfavorable dynamics of the overall cryptocurrency market, a mighty recovery is still expected to occur soon.
Before moving Mt Gox, BTC was quoted at $70,580. Today the price is $67,581, down 0.33% in the last 24 hours.
Its market capitalization, valued at $1.33 trillion, also fell by the same percentage, while trading volume fell more than 16% over the past day to $27.64 billion.
Featured image from iStock, chart from Tradingview.com
