Categories: Bitcoin

Bitcoin drops to $ 60,000 as the ghost of Mt. Gox haunts the market again

Bitcoin shows no signs of breaking the $ 60,000 resistance on Nov. 23, while the ghost of the Mt. Gox exchange is back to track price action.

BTC / USD 1-Hour Candlestick Chart | Source: TradingView

MT. Gox caused a stir with refunds

Show trading data shows BTC reversed course again, hitting a local high of over $ 59,500 on Monday.

The price returned to $ 55,000 when the latest events regarding Mt. Gox’s refunds to victims hit the media headlines after it was first reported in November.

In one notification, trustee Nobuaki Kobayashi confirmed that the plans are now “firm”, which means that 141,000 BTC will soon be distributed.

“The Rehabilitation Trustee reimburses beneficiaries under the plan. The creditors will be notified of the timing, the procedure and the specific amount of these repayments.

Although the close of Mt. Gox is not breaking news, the already volatile market is likely to become even more volatile on Tuesday and keep sentiment gloomy.

According to the Fear & Gier Index, the “neutral” mood is now firmly back in the “fear” territory a day ago and is 33/100 at the time of going to press.

Cryptocurrency Fear and Greed Index | The source: Alternative.me

The monthly chart is nothing unusual

Meanwhile, prominent trader and analyst Rekt Capital noted that Bitcoin remains perfectly reasonable on the monthly timeframe.

https://twitter.com/rektcapital/status/1462802531244023814?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener
“BTC is still testing this monthly level as a support. The monthly retest remains intact despite the reduced volatility. Hence, it should be remembered that BTC can fluctuate slightly like this for the rest of the month. The month-end closing is the key moment. “

After the highest monthly close ever in October, the re-testing of the previous monthly support from 2021 is still ongoing.

In the meantime, high volume investors on the stock exchanges often continue to bet after previous declines and even seek to accelerate new gains.

As CEO Charles Edwards of asset management company Capriole noted, buyers’ support levels rise higher 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.

BTC / USD chart and strength of support and resistance | Source: Charles Edward

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Minh Anh

According to Cointelegraph

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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.