Mt. Gox Wallets Reactivate for Major BTC Transactions

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 23 hours ago

BTC-4.535%

ARKM-4.277%

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Major BTC Transfer: On June 2, Mt. Gox executed a transfer of 10,306 BTC valued at approximately $729 million, marking an unprecedented scale that may heighten market concerns regarding Bitcoin's stability.
Market Pressure Reaction: This transfer occurred while Bitcoin hovered around $71,000, intensifying speculation that Mt. Gox might be preparing to sell, which has led to extreme fear among investors in the market.
Creditor Repayment Delay: Mt. Gox has postponed the creditor repayment deadline to October 31, 2026, still holding around $4 billion in Bitcoin, leaving the market uncertain about future distribution plans.
Hot Wallet Fund Movement: Additionally, Mt. Gox transferred about 116 BTC to its hot wallet, which now holds 34,504 BTC valued at approximately $2.4 billion, prompting the market to closely monitor for any follow-up transactions.

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Technical Analysis for BTC

Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Buy technical sentiment. Our proprietary analysis, which aggregates 8 technical signals, shows that 5 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Bitcoin (BTC) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	53452.143	59439.242	66105.803	72092.902	78759.463	84746.562	91413.123
Fibonacci	59439.242	64272.94	67259.204	72092.902	76926.6	79912.864	84746.562

About BTC

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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