Bitcoin Price Prediction as Mt. Gox Wallet Transfers $2.93 Billion in BTC – Will BTC Stay Above $68K?

Forex
May 28, 2024
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Bitcoin Price Prediction

Bitcoin (BTC) remains traded bearish, holding around $67,750, with an intraday low of $67,500 amid Mt. Gox wallet transfers. The recent declines follow the news of Mt. Gox transferring 42,909 BTC, valued at $2.93 billion, to an unknown wallet as part of preparations to repay creditors by October.

This move has raised concerns among investors, contributing to BTC’s downward trend. Simultaneously, the US dollar’s decline amid falling US Treasury yields could potentially provide some support for Bitcoin, offering a complex outlook for the cryptocurrency in the near term.

Mt. Gox BTC Transfers Cause a 2% Bitcoin Drop to $67,745 – Will BTC Recover?

On May 28, Bitcoin fell by 2% after Mt. Gox moved 42,909 BTC, worth around $2.93 billion, to an unknown wallet. This move is part of the exchange’s plan to repay creditors by October.

The transactions, tracked by Whale Alert, included a significant transfer of 32,137 BTC. Mt. Gox still holds nearly 138,000 BTC, valued at over $9.36 billion. The lack of explanation for these transfers has put downward pressure on Bitcoin’s price.

In the past 2 hours, #MtGox transferred 42,909 $BTC ($2.93B) to a new wallet “1Jbez”.

Before the above transfers, the Mt. Gox address held a total of 137,892 $BTC ($9.42B).

Note that Mt Gox plans to distribute its 142,000 BTC and 143,000 BCH holdings to creditors by Oct 31,… pic.twitter.com/ljjG3W2boZ

— Spot On Chain (@spotonchain) May 28, 2024

Mt. Gox transferred 12,240 BTC worth $840 million to an unmarked address.
Further transfers totalled $1.14 billion, preparing to distribute 142,000 BTC, 143,000 BCH, and 69 billion yen.
This activity caused Bitcoin to drop from $70,600 to below $68,500.

Investors remain cautious as the repayment plan progresses, impacting Bitcoin’s market performance.

Declining US Dollar and Treasury Yields Boost Bitcoin Price Outlook

The US dollar is weakening as US Treasury yields decline, impacting Bitcoin positively. The US Dollar Index (DXY), which measures the dollar against six major currencies, is around 104.50.

Currently, 2-year and 10-year Treasury yields are at 4.94% and 4.46%, respectively. According to the CME FedWatch Tool, the likelihood of a 25 basis-point rate cut by the Federal Reserve in September has dropped to 44.9% from 49.6% last week.

The US Dollar Index (DXY) is around 104.50.
2-year and 10-year Treasury yields are at 4.94% and 4.46%, respectively.
Rate cut probability in September decreased to 44.9%.

Upcoming speeches from Fed officials, including Michelle Bowman, Loretta Mester, and Neel Kashkari, are expected to provide further insights.

The weakening dollar and Treasury yields make Bitcoin an attractive alternative, potentially boosting its price as investors seek refuge in digital assets.

Bitcoin Price Prediction

Bitcoin (BTC/USD) is currently trading at $68,511, marking a 1.25% increase on the 4-hour chart. The pivot point at $68,365 is a critical level for determining market direction, which suggests a bearish Bitcoin price prediction.

Immediate resistance levels are identified at $70,592, $71,990, and $73,000. On the downside, immediate support is observed at $66,659, followed by $65,261 and $63,886.

Bitcoin Price Prediction

The Relative Strength Index (RSI) is at 50.45, indicating neutral market sentiment. The 50-day Exponential Moving Average (EMA) is positioned at $68,365, suggesting that the current price is hovering around this significant resistance level.

The outlook for Bitcoin remains cautious, with the price trading near the pivot point of $68,365. A break above this level could signal bullish momentum, targeting higher resistance levels.

Conversely, if the price holds below this pivot, it may lead to further declines, testing support levels at $66,659 and below.

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