July is here, and everyone in the cryptocurrency community is anxiously watching what’s happening with Bitcoin. This month could bring some big changes, but they may not be what everyone is expecting.
The impact of Mt. Gox repayment on Bitcoin
One of the biggest events affecting Bitcoin’s near-term prospects is the upcoming repayment of Mt. Gox, once the world’s largest Bitcoin exchange, which collapsed following a massive hack in 2014. After a decade, creditors are finally about to receive their long-awaited repayment of 140,000 Bitcoin (BTC), worth approximately $9 billion.
This repayment plan hangs over the market like a dark cloud. Starting in early July 2024, creditors will begin to receive their BTC, which raises a major concern: selling pressure. Since the hack, the price of Bitcoin has soared 16,000%, and many creditors may be eager to cash out their BTC for a profit. This sudden wave of selling could cause the price of Bitcoin to fall sharply.
Bitcoin latest market analysis
Let's take a look at today's market situation:
As of 3:00 a.m. before press time, the current price of Bitcoin is around $61,800. The daily K-line rebounded to the weekly pressure level of $62,000 and was blocked, indicating that it is still difficult to break through $62,500 in the short term. The EMA trend indicator has a strong kinetic energy of alternating downward diffusion, and it is not easy for bulls to rebound. After the upward diffusion of KDJ, the Bollinger Bands contracted downward, and the K-line left the lower track support and began to impact upward. MACD has been shrinking and increasing for the sixth day. This wave of six-day increase in funds has diverged and has not risen. Bulls have been accumulating momentum. Whether this wave of energy can burst to above $63,300, we will wait and see.
Short-term market analysis
The four-hour K-line W bottom is formed, and the K-line begins to hit the EMA60 pressure level of $62,500. The KDJ is moving upward, the Bollinger Bands are shrinking, and the K-line has been consolidating at the upper track of $62,000. MACD is increasing in volume, DIF and DEA are beginning to hit the upper 0 axis, and the short-term bullish trend is more obvious. However, market signals may be traps, so be sure to take precautions to ensure the safety of the principal. Don't be lucky at any time, as long as you are not swept out by decentralization.
Short-term operation suggestions
Short
Entry point: $63,300 to $63,500 range layout
Defense: Cover short position at $64,300 to $64,500
Stop Loss: 400 pips
Exit target: $62,500 to $62,300, second target $61,300 to $61,500
Long
Entry point: $60,000 to $59,800 range layout
Defense: Long positions at $58,500 to $58,700
Stop Loss: 400 pips
Exit target: $61,300 to $61,500, second target $62,000 to $62,300
