On Tuesday (December 17), Bitcoin surged sharply above $106,000. The former largest cryptocurrency exchange Mt. Gox awakened and offloaded, transferring 1,620 Bitcoins valued at $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 awakened and transferred Bitcoin worth approximately $172.5 million to an unknown wallet less than 24 hours after Bitcoin hit a new high of nearly $108,000.
According to Arkham Intelligence, the exchange's wallets transferred 1,427.90 Bitcoins and 191.70 Bitcoins to two unmarked addresses.
A portion of the 1,427.90 Bitcoins transferred went through another wallet before finally entering a wallet starting with "1DeY," missing about 108 Bitcoins.
108 and 191.7 Bitcoins then circulated through several wallets, finally 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 repayments.
The latest move occurred on December 5, when Mt. Gox transferred over 24,000 Bitcoins to an unknown address, valued at nearly $2.5 billion.
Arkham data shows that this historically significant exchange still holds about 36,085 Bitcoins, valued at $3.86 billion, spread across its controlled wallets. If willing, Mt. Gox creditors can receive repayments 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 later on Monday, Bitcoin's trading price stabilized around $106,500.
In October, the trustee responsible for the bankrupt exchange's Bitcoin stack postponed the deadline for creditor repayments 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 them."
Bitcoin Technical Analysis
Economies.com indicates that Bitcoin's price offered a new positive trade, 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 some time, noting that falling below $104,060 could exert negative pressure on the price, testing the support line of the main bullish channel around $98,935 before attempting a new upward move.
"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."
