#BTC falls below $55,000 as Mt Gox pays creditors.
Mt Gox traded 47,228 BTC for $2.71 billion Friday.
On-chain data indicates miners selling more, indicating negative momentum.
German government moves Bitcoin to exchanges.
The price of Bitcoin (BTC) is suffering its worst week of the year due to miners selling and Mt Gox and the German government transferring Bitcoins to exchanges. BTC may fall 7% to retest $52,000, according to technical indicators.
Mt Gox transfers 47,228 BTC worth $2.71 billion.
Mt.Gox, the collapsed cryptocurrency exchange exploited in 2014, stated on Twitter on June 24 that it will start compensating creditors in July for roughly $9 billion in Bitcoin and Bitcoin Cash losses.
On Thursday, Arkham Intelligence said the German Government moved 3,000 BTC worth $175 million from their wallet. Coinbase, Bitstamp, and Kraken received 1,300 BTC worth $76 million. The remaining 1,700 BTC worth $99 million may be deposited for institutional or OTC trades.
German authorities sent 2,344.61 BTC worth $141.1 million to Coinbase, Bitstamp, Flow Traders, and Kraken this week. Bitcoin's 12% price drop this week may be due to traders' FUD about this large fluctuation.
Tron creator Justin Sun said on X that he would talk with the German government to buy their remaining BTC off-market to avoid market damage.
Arkham Intelligence reports that bitcoin pioneer Sun controls over $1 billion. However, the German government controls 42,274 BTC worth $2.29 billion.
Bitcoin fell 9.2% over the following three days after hitting resistance at $63,956 on Monday. By Thursday's closing, it had gone below $58,375 weekly support. On Friday, it trades about $54,500, down 4.7% from the previous day.
If BTC closes over the $63,956 daily resistance mark and establishes a higher daily high, positive sentiment may return. Bitcoin's price might gain 5% to reach its next weekly barrier at $67,147.
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