The post Bitcoin: How Mt. Gox’s $49.3M move is shaking up BTC markets appeared on BitcoinEthereumNews.com.

Bitcoin trades near key support as Mt. Gox movements stir market uncertainty. Rising derivatives activity hints at cautious optimism despite bearish technical indicators. Mt. Gox’s transfer of $49.3 million in Bitcoin [BTC] has sent ripples across the market, sparking fears of heightened volatility. The redistribution saw $19 million transferred to fresh wallets and $30.6 million moved to a final wallet.  This massive movement raises critical questions about whether it signals a wave of sell-offs. At press time, Bitcoin was trading at $94,435.63, reflecting a 0.72% dip in the last 24 hours. Can BTC break resistance or risk losing support? Bitcoin is trading within a critical range, with support at $91,753 and resistance at $108,645. A break below $91,753 could open the door to a plunge toward $73,083, signaling bearish dominance.  However, if Bitcoin manages to climb past $96,000, it could build momentum toward the $100,000 milestone. Therefore, this period of consolidation will likely determine whether Bitcoin rallies or retreats further in the coming days. Source: TradingView Active addresses show rising engagement Bitcoin’s active addresses increased by 1.21% in the last 24 hours, reaching 9,747K, reflecting heightened engagement. This rise suggests more participants entering the market, likely driven by speculation surrounding the Mt. Gox movement.  Additionally, increased network activity is a positive sign for demand, as it often correlates with stronger market health. Therefore, sustained growth in active addresses could support Bitcoin’s recovery in the near term. Source: CryptoQuant Is BTC undervalued? MVRV ratio insights The MVRV ratio, currently at 2.4 after a 1.17% decline, hints at a cooling-off phase in speculative pressure. Historically, a lower ratio has aligned with healthier price levels, attracting long-term investors.  However, further declines might indicate waning confidence among participants, keeping traders cautious. Therefore, the MVRV ratio remains a crucial metric for gauging Bitcoin’s market position.…

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Filed under: News - @ December 24, 2024 11:26 am