Technical Analysis:
Currently trading around 64300 price is trying to retrace 66000-66400 before price again starts dipping towards 63000. We need price to shift structure in 15 mins towards down.
Fundamentals:
After the successful launch of spot Ethereum ETF (Exchange Traded Fund) in the United States the overall cryptocurrency market is massively falling. Amid this price drop the world’s biggest crypto asset Bitcoin (BTC) tanked below $64,000 for the first time in six days, likely due to the speculation that Mt. Gox creditors selling their Bitcoin. Mt. Gox repayment plan
This significant drop has raised concerns among traders and investors who had anticipated Bitcoin forming solid support around the $65,000 mark. However, Bitstamp has confirmed receiving assets related to the Mt. Gox repayment plan. Details on the transfer will be announced later as the exchange begins repaying Bitcoin and Bitcoin Cash to Mt. Gox creditors.
CryptoQuant founder Ki Young Ju reassured investors on July 24, 2024, stating, “The instant dump you worried about didn’t occur. Any price drop would be likely due to market sentiment, not Mt. Gox selling.” Ju added that all global time zones have passed since the Mt. Gox creditors’ repayment, suggesting that the market impact from these repayments has already been absorbed.
Disclaimer: Trading carries risk. Practice effective risk management and consider your risk tolerance before trading.
