Bitcoin (BTC) News Today: BTC Dips Amid Mt. Gox Transfers and ETF Outflows

Wednesday: Market Overview

On Wednesday, July 24, BTC declined by 0.75%. Following a 2.52% loss on Tuesday, July 23, BTC ended the session at $65,398.

Mt. Gox: BTC Movement Spooks Investors

On Wednesday, Arkham Intelligence announced that Mt. Gox transferred 2,869 BTC to new wallets. Mt. Gox still holds 80,128 BTC ($5.32 billion) despite transfers of 48,641 BTC to Kraken and 5,106 BTC to Bitstamp.

Bitstamp confirmed receipt of the Mt. Gox transfers, stating,

“Bitstamp today received bitcoin (BTC), bitcoin cash (BCH), and ethereum (ETH) from the Mt. Gox trustees, which it will begin to distribute to Bitstamp customers from tomorrow (July 25). Recipients will have full control of their assets within a week of receipt following the completion of security checks.”

Concerns linger that creditors will flood the crypto market, impacting the supply-demand trend supporting the bullish momentum since the Bitcoin Halving event.

However, the crypto market may need to wait a week to see if creditors will offload their crypto. The uncertainty may continue to impact BTC demand. A surge in volumes on Kraken and Bitstamp could bring sub-$55,000 into play.

US BTC-Spot ETF Market Reflects Investor Uncertainty

On Tuesday, the US BTC-spot ETF market ended a 12-day inflow streak as investors monitored BTC flows from Mt. Gox to the exchanges. Oversupply jitters and a possible BTC price correction impacted demand for US BTC-spot ETFs.

According to Farside Investors,

• On Wednesday, Grayscale Bitcoin Trust (GBTC) saw net outflows of $26.2 million.
• ARK 21Shares Bitcoin ETF (ARKB) had net inflows of $3.3 million.
• Fidelity Wise Origin Bitcoin Fund (FBTC) reported net inflows of $1.4 million.
• Excluding flow data for iShares Bitcoin Trust (IBIT) and Invesco Galaxy Bitcoin ETF (BTCO), the US BTC-spot ETF market saw total net outflows of $21.5 million. (Previous day: Outflows of $78.0 million).

Investors should remain alert. Mt. Gox-related updates and US crypto-spot ETF flow data will influence the crypto market. 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 the bullish price trends.

A BTC breakout from $65,000 could give the bulls a run at the $69,000 resistance level. A break above the $69,000 resistance level could signal a move to the all-time high of $73,808.

BTC-spot ETF market flow data and Mt. Gox-related news require consideration.

On the other hand, a drop below the $64,000 support level and the 50-day EMA could give the bears a run at the $60,365 support level.

With a 54.83 14-Daily RSI reading, BTC could return to $70,000 before entering overbought territory.

Ethereum Analysis

ETH sat below the 50-day EMA while holding above the 200-day EMA, sending bearish near-term but bullish longer-term price signals.

A break above the 50-day EMA would support a move toward the $3,480 resistance level. A breakout from the $3,480 resistance level could give the bulls a run at $3,600.

US ETH-spot ETF market flow data require consideration.

Conversely, an ETH drop below the $3,244 support level could signal a fall toward the 200-day EMA. A fall through the 200-day EMA would bring the $3,033 support level into play.

The 14-period Daily RSI reading, 44.08, indicates an ETH drop below the 200-day EMA before entering oversold territory.