Bitcoin's momentum has stalled after failing to surpass $66,000, amid rumors of impending Mt. Gox payouts. Reports indicate that 48,000 Bitcoins might be released soon, potentially impacting the market. Despite $224 billion worth of Bitcoin being sold in 2023, its price has surged over 350%. The anticipated $3 billion from Mt. Gox is a small fraction of the realized cap increase, suggesting a minimal impact.
Short-term Bitcoin Holders, with an average cost basis of around $64,300, are likely to react to market changes. The number of Bitcoin holders has been dropping as traders believe the March all-time high was the peak for 2024. However, mass liquidations could lead to a rebound. A trading range between $63,000 to $66,000 is expected until the Mt. Gox event concludes, though Bitcoin could still reach $70,000 despite the recent slowdown.
