The ongoing bullish market sentiment in Mt. Gox has moved its Bitcoin holdings. Despite this significant transfer, Mt. Gox still holds a substantial $9.42 billion worth of Bitcoin, as identified by the on-chain analytics firm Arkham.
Although the initial data indicating Mt. Gox’s movement of $2.9 billion in Bitcoin caused an immediate market reaction and a significant price drop, the market is now recovering. Currently, Bitcoin is trading near $67,860, experiencing only a 1% downside momentum despite the massive transfer.
Bitcoin price-performance analysis
Looking at Bitcoin’s performance over a longer period, it has seen a price decline of nearly 5% in the last seven days. However, over the past 30 days, Bitcoin has experienced a decent price surge of 6.5%. In addition to price performance, the 24-hour trading volume has increased by 60%, now standing at $29.4 billion. This significant surge in trading volume highlights the shifts in investor and trader sentiment.
According to expert technical analysis, Bitcoin appears bearish and may take support from the $67,000 level before potentially moving upward to targets of $71,500 and $73,900.
Mt. Gox, a Japan-based cryptocurrency exchange launched in 2014, gained massive popularity during its early days.
