The post Bitcoin Price Hits Double Top At $65k, Dips After Mt. Gox Movement appeared on BitcoinEthereumNews.com.

This article was paid for* Bitcoin has failed to continue its bullish momentum thus far on Tuesday and is witnessing a substantial pullback. The Bitcoin price has hit a double top at $65,000 and has since dipped nearly 4% to exchange hands at as low as $62,600. BTC is currently trading at $63,500 at press time.  The correction comes after Mt. Gox moved nearly $6 billion of its Bitcoin holdings, likely in preparation for upcoming repayments.  Double Top For Bitcoin, Is Another Crash Coming? The Bitcoin price rallied following Donald Trump’s failed assassination attempt, in addition to the German government running out of its BTC holdings. The failed attempt has bolstered the odds of a Trump presidency, which is expected to be favourable towards the crypto industry.  Donald Trump also picked a pro-crypto running mate on Monday in J.D. Vance. However, the Mt. Gox news has erased much of Monday’s gains.  While the German government had $2 billion worth of Bitcoin, Mt. Gox’s BTC holdings are valued at nearly $9 billion. Consequently, the likelihood of a larger crypto crash cannot be ignored, depending upon the rate at which the defunct exchange moves its Bitcoin to exchange. Today’s $6 billion move has certainly made investors jittery. Bitcoin’s technicals are also signalling the possibility of a pullback. For instance, the BTC price could look to fill the CME Gap that exists between $58,000 and $62,000. These gaps form when Bitcoin makes a massive move on weekends when the stock market – including the Chicago Mercantile Exchange – is closed.  The bulls would need to defend the $62,800 support level to prevent another bearish breakdown. A failure to do so would likely kickstart a downside move to $58,000 to close the CME gap.  In such a scenario, the bulls must defend BTC’s 200-day…

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Filed under: News - @ July 17, 2024 4:18 am