On Tuesday (December 17), Bitcoin surged above $106,000. The once-largest crypto exchange Mt. Gox awakened and transferred 1,620 Bitcoins worth $172 million, but failed to bolster bearish sentiment. Technical analysis pointed to a small bullish channel in the price, supporting a move towards $110,000.
The long-bankrupt Mt. Gox exchange's wallet awakened, transferring approximately $172.5 million worth of Bitcoin to an unknown wallet less than 24 hours after Bitcoin reached a new high of nearly $108,000.
According to Arkham Intelligence, the exchange's wallets transferred 1,427.90 and 191.70 Bitcoins to two unmarked addresses.
A portion of the tokens in the transfer of 1,427.90 Bitcoins passed through another wallet before ultimately entering a wallet starting with '1DeY', missing about 108 Bitcoins.
108 and 191.7 Bitcoins were then circulated among several wallets, ultimately reaching a wallet starting with '1KLr', which currently holds 300 Bitcoins.
It is currently unclear why Mt. Gox transferred 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 valued at nearly $2.5 billion to an unknown address.
Arkham data shows that this historic exchange still holds approximately 36,085 Bitcoins worth $3.86 billion, distributed across wallets it controls. If they wish, Mt. Gox creditors can receive compensation in the form of Bitcoin.
Since December 13, Bitcoin's trading price has remained above $100,000, and Mt. Gox's latest move (usually viewed as bearish) seems to have had no impact, as according to TradingView data, Bitcoin's trading price remained flat at around $106,500 after reaching a new high of $107,857 later on Monday.
In October, the trustee responsible for the bankrupt exchange's Bitcoin stack extended the repayment deadline for creditors by one 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 repayment.'
Bitcoin Technical Analysis
Economies.com stated that Bitcoin prices provided new positive trading, reaching the threshold of $108,000, entering a small bullish channel on the chart, which supports the opportunity for Bitcoin to move towards the next major target of $110,000.
As a result, bullish trends are expected to continue for the foreseeable future, noting that falling below $104,060 may exert negative pressure on prices, and testing the support line of the main bullish channel around $98,935 before making new upward attempts.
"The expected trading range on Tuesday is between the support level of $104,060.00 and the resistance level of $109,000."
"The trend forecast is bullish."
