Bitcoin price hit a 25-day high of $64,994, hours ago.
Mt. Gox wallet moves $2.7B BTC, triggering market activity
Bitcoin has shown robust performance following a prolonged bearish phase, reaching a 25-day high of $64,994 recently, surpassing the $64,000 resistance level. Notably, earlier this month, it hit a five-month low of $53,485. Currently, Bitcoin is trading at $63,746.55, marking a 1.8% increase over the past 24 hours, accompanied by a 43% rise in trading volume.
Market fluctuations have been influenced by recent activities involving Mt. Gox. A Bitcoin wallet associated with Mt. Gox transferred approximately 42,588 BTC ($2.7 billion) to the address “18vjn,” as reported by blockchain analytics platform Arkham.Moreover, this movement followed initial transactions, including a test transfer of 0.021 BTC ($1,320) and an internal transfer of 44,000 BTC ($2.8 billion) within Mt. Gox.
Additionally, significant attention has been drawn to large Bitcoin transactions, with 48,641 BTC ($3.06 billion) transferred between unknown wallets. And 1,977 BTC ($123.9 million) moved from Kraken to an unidentified wallet.
When BTC Will Surge Past $68K?
Bitcoin’s recent price action reflects a bullish trend, highlighted by recent highs breaching the $67,376 resistance level, with the potential to test $69,066 soon. However, the daily Relative Strength Index (RSI) indicates potential selling pressure.
BTC Price Chart, Source: TradingView
Should bears regain control, Bitcoin could retrace to $56,465 initially, potentially falling further to $53,457 in a more pronounced decline.
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