Amid investors' bullish expectations for Bitcoin (BTC), the first cryptocurrency and the undisputed leader of the market, crypto exchange Mt. The price is under pressure as Gox distributes BTCs to creditors via crypto exchange Kraken. Bitcoin price finds buyers at $65,983 after a decline of over 1% in the last 24 hours.
Bitcoin Important Levels
Cryptoquant CEO Ki Young Ju, one of the well-known names in the market, Mt. Gox made a statement stating that its creditors received their BTC on Kraken a few hours ago. However, despite the BTC refunds, there was no visible change in the hourly spot trading volume or BTC outflows on Kraken. Ju stated that the stable outlook on both the volume and stock market side is promising for the future of BTC.
According to the latest data provided by Arkham Intelligence, Mt. Gox moved 37,477 BTC worth $2.5 billion in the past hours. Mt. Gox had transferred 52,549 BTC ($3.31 billion) since July 5 to Bitstamp, Kraken and Bitbank for refunds.
Following today's correction, the Bitcoin price fell below $66,500, which indicates the current purchase price for investors hodling BTC between 1 and 3 months. According to data provided by CryptoQuant, the price recovered as BTC breached this important support level, but analysts' attention turned to the $63,600 range, which is the average purchase price created by people who invested in the 3 to 6-month period.
Bitcoin Comments
Looking at other data provided by CryptoQuant, it is seen that there is a significant decrease in the total deposit addresses for BTC across all exchanges, while its value has reached 250,000. The decline in deposit addresses reveals that Bitcoin hodling transactions vary among investors.
The decrease in the number of these addresses available to sell Bitcoin reveals that many investors have adopted the view that further price increases may occur. This may also indicate an environment of increased trust.
Due to the pressure on supply created by investors who do not want to sell, it may become difficult to find purchasable BTC in the future and the price may increase accordingly.
