Bitcoin (BTC) News Today: Mt. Gox Repayments and BTC-Spot ETF Trends in Focus

Market Overview

On Thursday, July 18, BTC fell by 0.20%. Following a 1.49% loss on Wednesday, July 17, BTC ended the session at $63,028.

Risk Aversion Impacts Demand for BTC

The US equity markets ended the Thursday session in negative territory as investors locked in profits.

On Thursday, the Nasdaq Composite Index extended its losses from Wednesday, falling by 0.70%.

The markets have priced in a September Fed rate cut, leaving BTC needing a fresh catalyst.

According to the CME FedWatch Tool, the probability of a September Fed rate cut fell from 100% on Wednesday to 95.2% on Thursday.

US BTC-Spot ETF Market Faces Trends

On Thursday, the US BTC-spot ETF market reflected the shift in investor sentiment, with inflows slowing.

According to Farside Investors,

• Grayscale Bitcoin Trust (GBTC) had net outflows of $22.5 million.
• Fidelity Wise Origin Bitcoin Fund (FBTC) saw net inflows of $2.8 million.
• VanEck Bitcoin Trust (HODL) reported net inflows of $1.8 million.
• Excluding iShares Bitcoin Trust (IBIT), the US BTC-spot ETF market saw total net outflows of $17.9 million.

IBIT needs another jump in inflows for the US BTC-spot ETF market to extend its inflow streak to ten sessions. On Thursday, IBIT had net inflows of $110.4 million.

Mt.Gox Repayments

Concerns about waning demand from the BTC-spot ETF market and oversupply from Mt. Gox creditors likely influenced BTC price trends.

Mt. Gox creditors sent 48,641 BTC to Kraken on Tuesday, July 16, kickstarting the repayment process. Kraken confirmed receipt of the BTC transfer and plans to fund creditor accounts within the next two weeks.

Significantly, Mt. Gox plans to repay over 141,000 BTC to its creditors. Waning demand from the US BTC-spot ETF market and oversupply from creditors could impact BTC at current price levels.

Despite the threat of oversupply, Bitcoin and the US Presidential Election were talking points.

BTC and US Politics

MicroStrategy (MSTR) founder and Chairman Michael Saylor commented on BTC and US politics, stating,

“Bitcoin has become a political force.”

This week, Trump appointed JD Vance as his Republican Party running mate in the 2024 US Presidential Election. Vance is a critic of SEC Chair Gary Gensler.

A pro-crypto US administration could allow the US to become a global center for innovation.

Investors should remain alert as Mt. Gox begins the repayment process. 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 break above the $64,000 resistance level could support a move to $67,500. A return to $67,500 could give the bulls a run at the $69,000 resistance level.

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

On the other hand, a drop below the 50-day EMA could bring the $60,365 support level and the 200-day EMA into play.

With a 57.24 14-Daily RSI reading, BTC could move to the $69,000 resistance level before entering overbought territory.

Ethereum Analysis

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

Moving above the $3,480 resistance level could bring the $3,835 resistance level into play.

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

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

The 14-period Daily RSI reading, 55.77, indicates an ETH move above the $3,835 resistance level before entering overbought territory.