Bitcoin is still being sent to exchanges by Mt. Gox in order to care for its liabilities.
US spot Bitcoin ETFs saw inflows as investors got more optimistic this week.
During Saturday’s Bitcoin conference, Donald Trump will be making a speech but Kamala Harris will not attend.
Positive on-chain statistics show that sales activity is likely to increase due to favorable exchange inflow.
After finding support around $63500 yesterday, BTC bounces back and reaches $67000 on Friday. Nonetheless, this week Bitcoin has lost over 1.50% as Mt.Gox continues sending Bitcoin to exchanges. US spot Bitcoin ETFs saw inflows this week because of Donald Trump's planned speech at Saturday's Bitcoin Conference and Kamala Harris choosing not to attend. In case the current trend persists, on-chain statistics showing positive exchange inflows could cause prices crash even further since they imply greater selling pressure.
Mt. Gox continues paying off creditors.
Today information from Akram Intelligence indicates that during this week, the balance of Mt.Gox token fell from 90k BTC down to 80k BTC.Mt.Gox holdings have dropped from $6.2bn t0$5.2bn since the beginning of this week according to Token Balance history.
The movement of bitcoin from mtgox to exchanges in order repay creditors may have been responsible for traders experiencing FUD (Fear Uncertainty Doubt) which may have contributed towards the drop in price of bitcoin this past week.
American bitcoin ETFs registered weekly net money flows
According to Coinglass data, US spot bitcoin ETFs experienced net inflows amounting to $480.30 million for the period Tuesday through Thursday inclusive thereby resulting into three days with deposits and one day with withdrawals. Such net positive investments suggested that the investors were becoming more certain that might result into short-term bitcoin price surge. To understand market dynamics and investor sentiment, these ETFs’ net inflows must be watched. As of Thursday, there were a total of 52.14 billion bitcoins held by eleven different Exchange Traded Funds (ETF) in the US.
Earlier this week Bitcoin Magazine CEO David Bailey confirmed on Twitter that Kamala Harris will not speak at the Bitcoin Conference as a speaker. This year’s conference is slated to take place between Thursday and Saturday.
This was anticipated," Bailey said about it; "For instance, Kamala Harris has actively imprisoned developers, pushed our sector off-shore, undermined PoW, so what else can she say to us? She would’ve been hurt so much. It is Trump’s time then.
“Choice is simple really, Trump Pump or Biden Dump?” he tweeted alongside.
The fact that Donald Trump plans to give a speech at the Bitcoin Conference and has already given his support for bitcoin might make him more appealing to people who are interested in investing in cryptocurrencies already.
The speakers at the conference include Robert F. Kennedy Jr., an independent candidate for president of the US; Cathie Wood(founder/CEO of Ark Invest)and Michael Saylor(executive chairman-microStrategy).
Mt.Gox creditors decided it was time to sell their Bitcoins.
The Bitcoin Exchange Netflow on Kraken, which is now managing the repayments to creditors of Mt. Gox, shows the difference between the amount of Bitcoin entering and leaving the exchange, according to CryptoQuant. If more bitcoin is being brought in than is being taken out this will be indicated by a positive netflow; this could be for trading or selling purposes while if there are more withdrawals than deposits then it could indicate a negative netflow which can also mean that funds have been moved from the exchange into individual wallets.
It appears as though (creditors of Mt. Gox ) are selling off their compensation payments with a net flow of 47,569 BTC on Thursday sending down the price of Bitcoin. Continuation in this pattern may result in greater downward pressure leading to further declines in prices.
Is this cryptocurrency finally starting to rebound?
Bitcoin price’s first hurdle for this week came at $67,209 weekly level. The price dropped further for three days subsequently before stabilizing near $62,736 – a 50% Fibonacci retracement level derived from comparing June 7’s high at $71,997 with July 5’s low at $53,475. Trading higher by 1.7% on Friday and trying to push above the weekly barrier is bitcoin at $66,929.
If it keeps improving and breaks through above its weekly resistance around $67,209 then there are chances that we might see Bitcoin gain by approximately seven percent towards testing its high at $71,997 on June 7.
Accordingly; Awesome Oscillator (AO) and Relative Strength Index (RSI) both show activity above zero and fifty neutral levels respectively on daily chartting basis; thus solid momentum represents positive mood of market.
However if it broke down below rising trend line closing less than sixty two thousand seven hundred thirty six dollars ($62,736), then market structure would turn back bearish creating a lower bottom on a daily time frame. In such a case, bitcoin might go down 10% and retest $56,405 level which it touched on July 12th.