🔥🔥🔥 #bitcoin Slips Below $61,000 as Mt. Gox Repayments Loom
Bitcoin Drops Amid Mt. Gox Distribution Concerns
Bitcoin fell from $62,000 to $60,268, a 3% decline, during early Asian trading. Other major #cryptocurrencies , including Ethereum, Solana, and Dogecoin, also dropped by about 3%.
The drop is linked to the anticipated distribution of Bitcoin from the defunct Mt. Gox exchange, expected this month. QCP Capital warns that the release of up to 140,000 BTC could pressure the market. Despite this, Bitcoin is holding above $60,000, and Ethereum remains above $3,300, which QCP Capital sees as a positive sign.
QCP Capital identified key resistance levels for Bitcoin, noting $65,795 as crucial. A break above this could lead to a target of $78,700. They also highlighted that a Bitcoin rebound to $62,600 could trigger over $1 billion in liquidations.
Tom Lee from Fundstrat Global Advisors views the Mt. Gox distribution as a temporary issue, predicting a strong Bitcoin rebound in the second half of the year, potentially reaching $15,000.
The market is also watching the potential approval of cryptocurrency ETFs. While there is interest in a spot #EthereumETF , approval this week seems unlikely. Bitcoin spot ETFs saw a $13.6 million net outflow on July 2. Grayscale's ETF GBTC faced a $32.38 million outflow, whereas #BlackRock 's ETF IBIT and Fidelity's ETF FBTC saw inflows of $14.1 million and $5.4 million, respectively.
Source - decrypt.co
