Categories: Bitcoin

Bitcoin whales plan to get higher BTC as new payouts from Mt. Gox add to market fears

Bitcoin (BTC) showed no sign of breaking the USD 60,000 resistance on Nov. 23 as the specter of the defunct Mt. Gox exchange is back to track the price action.

BTC / USD 1-hour candlestick chart (Bitstamp). Source: TradingView

MT. Gox caused a stir with unpaid payments

Data from Cointelegraph Marketplaces Professional and TradingView show that BTC / USD has flipped again, creating a local high of over $ 59,500 on Monday.

The $ 55,000 increase is the most recent event in the mountain recovery. Gox, originally announced on November 16, made headlines in the media.

Trustee Nobuaki Kobayashi confirmed in an announcement that the plans have now become “final and binding,” meaning the 141,000 BTC under management will soon be distributed.

“The rehabilitation commission will then reimburse rehabilitation creditors with approved rehabilitation claims according to the rehabilitation plan,” it says.

“The collection creditors will be informed in a notification about the exact time, the procedure and the amount of such repayments.”

Although the details of Mt. Gox have long been known, the already shaky markets appeared to have doubled from their stance on Tuesday, adding to sentiment.

According to the Crypto Fear & Greed Index, the “neutral” sentiment was back in the “fear” range a day ago and was 33/100 at the time of going to press.

Crypto Fear and Greed Index. Source: Option.me

Business as usual for monthly removals

In the meantime, the renowned trader and analyst Rekt Money noticed when zooming out that Bitcoin behaved perfectly logically in the monthly timeframe.

Related: $ 60K Turns Into Resistance – 5 Things To Watch For Bitcoin This Week

After the highest month-end ever in October, a retest of previous monthly support will now continue in 2021.

https://twitter.com/rektcapital/status/1462802531244023814?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener
Meanwhile, as in previous periods of decline, high-volume investors seem to be betting on new profits in the stock exchanges and even trying to accelerate them.

As noted by Charles Edwards, CEO of wealth management firm Capriole, buyer support rises as Bitcoin misses its target.

“Bitfinex whales raise bid again,” he said Disclosure along with a diagram of the platform showing $ 54,000 as the new focus instead of $ 50,000.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.