Bitcoin Anticipates Mt. Gox Recovery Amid $58K Price Dip Warning

Bitcoin's price attempted to stabilize around $64,000 on July 16 despite facing potential support challenges at $60,000.

Data from Cointelegraph Markets Pro and TradingView indicated that Bitcoin was attempting to retest previous range highs, though it remained down approximately 1% since the daily open.

This movement came amid significant transfers from the defunct Mt. Gox exchange's cold wallet.

Some traders expressed caution.

Despite Bitcoin's more than 10% gain since the weekend, these gains might not be sustainable. Credible Crypto highlighted two scenarios:

The recent move from $58,000 could be the bottom or merely a fakeout.

Daan Crypto Trades noted that a return below $60,000 could indicate market weakness, suggesting that such a retest, while technically sound, often signals underlying fragility.

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