Bitcoin (BTC) News Today: BTC Climbs Despite Mt. Gox Transfers to Kraken

Market Trends: BTC Enjoys a Five-Day Winning Streak

On Tuesday, July 16, BTC gained 0.54%. Following a 6.63% surge on Monday, July 15, BTC closed at $65,127. Significantly, BTC extended its winning streak to five sessions.

Demand: US BTC-Spot ETF Market Extends Inflow Streak to Eight Sessions

The US BTC-spot ETF market had net inflows for the eighth session on Tuesday.

According to Farside Investors,

• Grayscale Bitcoin Trust (GBTC) saw zero flows for the second session.
• Fidelity Wise Origin Bitcoin Fund (FBTC) reported net inflows of $61.1 million.
• ARK 21Shares Bitcoin ETH (ARKB) had net inflows of $29.8 million.
• Excluding iShares Bitcoin Trust (IBIT), the US BTC-spot ETF market saw $162.3 million in total net inflows. On Monday, the total net inflows were $300.9 million.

Robust demand for US BTC-spot ETFs countered news of Mt. Gox sending BTC to Kraken, one of the crypto exchanges distributing BTC to creditors.

Supply: Mt.Gox Rehabilitation Trustee Sends BTC to Kraken

Arkham Intelligence reported that Mt. Gox transferred BTC to Kraken on Tuesday, stating,

“We believe that 3JQieEzccKjFS34oW8KZSGBDndiH1YyFrE is most likely associated with Kraken, one of the exchanges repaying Mt. Gox creditors. This address received 48,641 BTC ($3.10B) from Mt. Gox this morning, which remains unspent.”

Arkham Intelligence added,

“The remaining BTC transferred this morning, totaling 43,114 BTC ($2.74B), is still held by the Mt. Gox trustee at addresses 18vjnBHWAxU4CPGPqF7Gp9JyqdVBHDct9b and 1HRAprcXCzx1YqYv7dcCcDzf3vYVGPv3b2.”

BTC dipped to a Tuesday low of $62,389 before retaking the $65,000 handle.

Investor hopes that demand from the US BTC-spot ETF market to cushion the effects of the Mt. Gox repayments likely supported the BTC price recovery.

Supply and demand trends could be pivotal in the near term. A surge in supply from Mt. Gox creditors and robust demand from the US BTC-spot ETF market support buyer demand for BTC at current price levels.

Bloomberg Intelligence Senior ETF Analyst commented on the US BTC-spot ETF market, stating,

“The Bitcoin ETFs are in “two steps forward” mode after one step back in June with another +$300m yesterday and $1b for week. YTD net total (the most imp number in all this) has crossed +$16b for first time. Our est for first 12mo was $12-15b so already cleared that w 6mo to go.”

US Economic Indicators: Retail Sales and Fed Rate Cuts

US retail sales stalled in June after rising by 0.3% in May. Higher-than-expected retail sales ex-autos did not impact investor bets on multiple 2024 Fed rate cuts.

According to the CME FedWatch Tool, the probability of a September Fed rate cut remained unchanged at 99.9% on Tuesday.

Investor expectations of multiple 2024 Fed rate cuts may boost demand for BTC. Lower borrowing costs increase the appetite for riskier assets.

Investors should remain vigilant as Mt. Gox supply looms. Kraken announced it will distribute the received BTC within 7 – 14 days. 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 crypto market risk.

Technical Analysis

Bitcoin Analysis

BTC remained above the 50-day and 200-day EMAs, confirming bullish price trends.

A BTC break above $67,500 would support a move toward the $69,000 resistance level. A breakout from the $69,000 resistance level could bring the March 2024 all-time high of $73,808 into play.

On Wednesday, Mt. Gox-related news and US BTC-spot ETF market flow data require consideration.

On the other hand, a drop below the $64,000 support level could signal a fall to the 50-day EMA.

With a 62.81 14-Daily RSI reading, BTC could rise to the $69,000 resistance level before entering overbought territory.

Ethereum Analysis

ETH held above the 50-day and 200-day EMAs, affirming the bullish price signals.

A breakout from the $3,480 resistance level could give the bulls a run at the $3,835 resistance level.

US ETH-spot ETF market-related updates also require consideration.

Conversely, an ETH drop below the 50-day EMA may signal a fall toward the $3,244 support level.

The 14-period Daily RSI reading, 58.80, indicates an ETH move to the $3,835 resistance level before entering overbought territory.