If the Mt. Gox funds fluctuate on Wednesday, it can have a detrimental effect on the price of Bitcoin.
The next July Bitcoin Conference is being reported by Bitcoin Magazine as a possible attendance by Kamala Harris and Donald Trump.
On Tuesday, there was a little withdrawal from US spot Bitcoin ETFs.
Wednesday saw Bitcoin's (BTC) price hover around $66,000. Coinciding with the ongoing transfer of Mt. Gox assets for repayment, US spot Bitcoin ETFs saw small withdrawals on Tuesday, which might put downward pressure on Bitcoin's price.
In a trade worth $2.47 billion, Mt. Gox exchanged 37,477 BTC on Wednesday, according to data from Lookonchain. Return funds totaling $3.31 billion have been sent by Mt.Gox to Bitstamp, Kraken, and Bitbank since July 5th. The ongoing transfer of cash from Mt. Gox, which presently holds $5.95 billion in Bitcoin, has probably caused traders to feel FUD (Fear, Uncertainty, Doubt), which might have contributed to the price decrease of Bitcoin.
The US spot Bitcoin exchange-traded funds lost $77.80 million on Tuesday. While Blackrock (IBIT) added 1,070 BTC to their holdings, Bitwise (BITB), ARK 21Shares (ARKB), and Grayscale (GBTC) all reduced theirs by 404.45 BTC, 774.82 BTC, and 1,040 BTC, respectively, over the same time.
This drop might be a result of investors losing faith in Bitcoin, which could explain why its price took a short hit on Tuesday. Investor mood and market dynamics may be better understood with the help of ETF net inflow statistics. Eleven US-based spot Bitcoin ETFs have a combined holding of $53.16 billion worth of Bitcoin.
The next Bitcoin Conference is set to take place from July 25th to the 27th, and according to Bitcoin Magazine, there is talk that Democratic contender Kamala Harris would co-host the stage with Donald Trump. If her involvement is verified, it might lead to a major confrontation in the next presidential contest, particularly for Democrats who are worried about Trump's increasing support among cryptocurrency investors.
NEWS FLASH: Bitcoin 2024 Conference CEO David Bailey is reportedly trying to get Kamala Harris to speak at the conference.
The UTxO Realized Price Age Distribution is a collection of realized prices and age bands as per CryptoQuant. With the indicators superimposed over a range of actual values, investors may get a bird's-eye perspective of how each cohort is holding their assets. The formula for the realized price is the entire supply divided by the realized capital.
The current fluctuation of Bitcoin price saw a slight decrease before stabilizing at about $65,915. This range might act as a support level as it is close to the average purchase price of $66,500 for BTC investors with 1-3 month holdings.
But if prices continue to fall, buyers and sellers may find support around the $63,800 mark, which is reflective of the typical range of prices paid for a 3-6 month holding.
Based on the data, it seems that Bitcoin will be rejected at the $67,000 level.
On Tuesday, the price of bitcoin fell 2.3% as it encountered resistance at the weekly barrier level of 67,209. Bitcoin is retracing its losses and is trading at about $65,632 on Wednesday, as of this writing.
The daily level of $64,913 might provide support for Bitcoin if the retracement continues. This level is also very near to the 61.8% Fibonacci retracement level at $64,921, which is based on the price action between the high of $71,997 on June 7 and the low of $53,475 on July 5. A crucial zone of support would be defined, and it would be wise to keep an eye on it.
If the $64,913 support level remains intact, Bitcoin's price can rise 11% and retest its high of $71,997, which it reached on June 7.
The Awesome Oscillator (AO) and the Relative Strength Index (RSI) are both trading above their zero and fifty-point neutral levels, respectively, on the daily chart. The market's positive mood is strongly indicated by this solid momentum.
Nevertheless, the market structure would shift from bullish to bearish by creating a lower bottom on the daily timeframe if the price closed below $62,736 and broke below the ascending trendline that was produced by merging numerous swing lows in July. In such a case, the price of Bitcoin may fall by 10% and retest its bottom of $56,405, which it hit on July 12.
