Crypto market rebounds despite Mt. Gox drama; Bitcoin holds above $68k mark
Mt. Gox transferring Bitcoin, the world's largest cryptocurrency by value, rebounded and surged nearly 1% to reach $68,852 in Wednesday's trade.
By 12:18 pm, BTC was trading 0.7% higher at $68,446, while Ethereum experienced a slight decline of over 0.1% to $3,856.
BTC swiftly recovered from dipping below the $67,500 mark, maintaining its consolidation around $68,000. The selling pressure on BTC appears linked to the transfer of approximately 140k BTC worth more than $9 billion from the now-defunct Mt. Gox exchange to an unknown address. Mt. Gox, the biggest Bitcoin exchange back in 2014, is expected to return Bitcoin holdings to its creditors by October 31, 2024. Investors, who acquired these bitcoins at around $700, are anticipated to sell some holdings upon receiving them, according to CoinSwitch Markets Desk.
Edul Patel, CEO of Mudrex, commented, «Bitcoin consolidates at the $68,000 level following the $9B Mt. Gox transfer yesterday. However, there is a key bullish trend line on the support at $67,600. If there is a fresh increase, the next resistance would be at $68,800 and then $69,550.» He added, «If Bitcoin fails to climb above, the next support is at $67,600 and then $67,500.»
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