On Tuesday (December 17), Bitcoin surged fiercely above $106,000. The once-largest crypto exchange Mt. Gox has awakened and liquidated, transferring 1,620 Bitcoins worth $172 million, but failed to boost bearish sentiment. Technical analysis indicates that the price has flashed a small bullish channel, supporting a move towards $110,000.
The long-bankrupt Mt. Gox exchange wallet has awakened, transferring Bitcoin worth about $172.5 million to an unknown wallet less than 24 hours after Bitcoin reached a new high of nearly $108,000.
According to Arkham Intelligence, the exchange wallets transferred 1,427.90 Bitcoins and 191.70 Bitcoins to two unmarked addresses.
A portion of the tokens from the transfer of 1,427.90 Bitcoins passed through another wallet and ultimately entered a wallet starting with '1DeY', missing about 108 Bitcoins.
108 Bitcoins and 191.7 Bitcoins then circulated among several wallets, eventually reaching a wallet starting with '1KLr', which currently holds 300 Bitcoins.
It is currently unclear why Mt. Gox is transferring funds. The exchange went bankrupt in early 2014, and past transfers of its Bitcoin holdings have been accompanied by creditor payments.
The latest move occurred on December 5, when Mt. Gox transferred over 24,000 Bitcoins worth nearly $2.5 billion to an unknown address.
According to Arkham data, this historic exchange still holds about 36,085 Bitcoins, valued at $3.86 billion, distributed among its controlled wallets. If they wish, Mt. Gox creditors can receive payments in Bitcoin.
Since December 13, Bitcoin's trading price has remained above $100,000, and Mt. Gox's latest move (often viewed as bearish) seems to have had no impact, as according to TradingView data, after hitting a new high of $107,857 late Monday, Bitcoin's trading price stabilized around $106,500.
In October, the trustee responsible for the bankrupt exchange's Bitcoin stack postponed the creditor repayment deadline by a year to October 31, 2025.
The company stated that many debtors 'have not yet received repayments because they have not completed the necessary procedures to obtain repayments.'
Bitcoin Technical Analysis
Economies.com states that Bitcoin price has provided new bullish trading, reaching the $108,000 mark, entering a small bullish channel that supports Bitcoin's chances of moving towards the next major target of $110,000.
Therefore, the bullish trend is expected to continue for a period of time, noting that a drop below $104,060 may exert negative pressure on the price, testing the support line of the major bullish channel around $98,935 before making new upward attempts.
"Tuesday's expected trading range is between the support level of $104,060.00 and the resistance level of $109,000."
"Trend forecast is bullish."
