Why is Crypto Crashing?
Amid market uncertainty, the now-defunct crypto exchange Mt. Gox has drawn attention once more with a substantial Bitcoin (BTC) transfer. On December 23, 2024, blockchain analytics firm Arkham revealed on X (formerly Twitter) that Mt. Gox had moved $49.3 million worth of BTC, sparking fresh concerns about its potential impact on the market.
Mt. Gox distributed the transferred Bitcoin across several wallets. Around $19 million went into two new wallets, while $30.6 million was transferred into a wallet identified as 1Mvm. This marks the exchange’s second large BTC transfer in December 2024.
Earlier in the month, Mt. Gox moved $102.5 million worth of BTC into three wallets, which caused Bitcoin prices to drop by over 10%. The event also triggered $1.18 billion in crypto liquidations, as previously reported by CoinPedia. Analysts are now watching closely for similar market reactions following this latest move.
Curious about Bitcoin’s next move? Read Bitcoin price prediction and stay ahead of the market’s unpredictable twists and turns!
Overall market sentiment seems to be struggling. Meanwhile, Bitcoin is trading near $95,770 and has experienced a price decline of over 1.35% in the past 24 hours. During the same period, the asset’s trading volume dropped by 26%, indicating heightened participation from traders and investors compared to the previous day.
According to expert technical analysis, BTC is currently at a crucial support level of $92,000 and has been consolidating in a range between $92,000 and $98,380 for the last four trading days. Based on the recent price action, if the asset fails to hold this support level and closes a daily candle below $92,000, there is a strong possibility it could drop to the $84,000 level.
Whereas, the technical indicator Relative Strength Index (RSI) suggests potential upside momentum, as its value is near the oversold area.
As Bitcoin clings to critical levels, all eyes are on whether history will repeat itself or if the market can defy expectations.
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