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Mt. Gox's $2.93B BTC Transfers: BTC Outlook?

Bitcoin hovering around $67,750, with an intraday dip to $67,500 amidst notable Mt. Gox wallet transfers
May 29, 2024

Bitcoin (BTC) continues its bearish trend, hovering around $67,750 following Mt. Gox's movement of 42,909 BTC, worth $2.93 billion, to an undisclosed wallet. This development triggered a 2% decline, stirring investor concerns about the cryptocurrency's trajectory. Concurrently, the weakening US dollar and declining Treasury yields offer a contrasting dynamic, potentially bolstering Bitcoin's prospects.

Mt. Gox's transfer of substantial BTC reserves, including 32,137 BTC in a single transaction, has unsettled the market. With nearly 138,000 BTC still in its possession, valued over $9.36 billion, Bitcoin's price faced downward pressure amid uncertainty surrounding the purpose of these transactions.

Moreover, the ongoing depreciation of the US dollar, coupled with falling Treasury yields, has cast Bitcoin in a favorable light. As the US Dollar Index (DXY) hovers around 104.50 and Treasury yields decline, investors view Bitcoin as an attractive hedge against traditional currency fluctuations.

Looking ahead, upcoming speeches from Fed officials may offer further clarity on monetary policy, influencing Bitcoin's trajectory. Currently trading at $68,511, Bitcoin faces pivotal resistance levels at $70,592, $71,990, and $73,000, with support zones at $66,659, $65,261, and $63,886. While the Relative Strength Index (RSI) suggests a neutral market sentiment, the cryptocurrency's fate hinges on its ability to breach the critical resistance level of $68,365. A breakthrough could herald bullish momentum, while a failure may prolong the bearish trend.

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