News
Bitcoin (BTC) News Today: Did Biden Just Give Crypto a Bipartisan Base?
Mt. Gox Creditors to Receive 48,641 BTC
While US politics will remain a hot topic on Monday, investors should consider the Mt. Gox news. This week, Kraken may begin funding creditors’ wallets with BTC from the Mt. Gox collapse. Mt. Gox transmitted 48,641 BTC to Kraken on July 16. Kraken confirmed receipt and said it would begin crediting creditors’ wallets within 7-14 days.
The risk of oversupply remains a hurdle for BTC, with Mt. Gox planning to return over 141,000 BTC to its creditors. Market flow trends in US spot BTC ETFs would likely be crucial during the repayment process.
The cryptocurrency market expects most of Mt. Gox lenders to sell their BTC and lock in substantial profits. Mt. Gox collapsed in February 2024, when BTC was priced below $600.
Investors should remain vigilant. US politics, Mt. Gox news, and US spot BTC ETF flow data will impact BTC demand. Monitor real-time data and expert commentary to adjust your trading strategies accordingly. Stay up to date with our latest news and analysis to manage your cryptocurrency market risk.
Technical Analysis
Bitcoin Analysis
BTC It has settled comfortably above 50 and 200 days EMAconfirming the bullish trend in prices.
A move in BTC above the $69,000 resistance level could signal a return to $70,000. A return to $70,000 could put the March 2024 all-time high of $73,808 into play.
U.S. politics, BTC spot ETF market trends, and Mt. Gox updates should also be taken into consideration.
On the other hand, a break below the $64,000 support level and the 50-day EMA could bring the $60,365 support level into play.
With a daily RSI of 66.92, BTC could rise to $70,000 before entering overbought territory.