Bitcoin (BTC) showed no sign of wanting to tackle the $ 60,000 resistance on Nov 23, as the specter of the defunct Mt. Gox exchange once again haunted price action.
Mt. Gox Payments Not Yet Made
Data from Cointelegraph Markets Pro and TradingView showed that The BTC / USD pair again reversed the progress that had produced a local high above $ 59,500 on Monday.
The return to USD 55,000 occurred when the latest developments in the Mt. Gox rehabilitation process, originally published on November 16, began to hit the media.
In an advertisement, Nobuaki Kobayashi confirmed that the plans were now “final and binding”, implying that the 141,000 BTC in custody will be distributed soon.
“The Rehabilitation Trustee will then make repayments to rehabilitation creditors who have rehabilitation credits allowed under the Rehabilitation Plan.”, it states.
“An announcement will be made to the rehabilitation creditors regarding the details of the specific schedule, procedures and the amount of such repayments.”
While the details of the completion of Mt. Gox have long been known, Markets, already in an unstable situation, appeared to redouble their stance on Tuesday, and the feeling took another beating.
According to the Cryptocurrency Fear and Greed Index, what was a “neutral” sentiment a day ago is now firmly in “fear” territory., indicating 33/100 at the time of writing this article.
The usual in monthly movements
Meanwhile, the popular trader and analyst Rekt Capital noted that in terms of monthly time frames, Bitcoin was behaving totally reasonable.
Following the highest monthly close in October history, the retest of a previous monthly support level continues of 2021.
#BTC is still retesting this Monthly level as support
Monthly retest is still intact, despite the downside volatility
That said, it is worth repeating that BTC could still easily see-saw like this for the remainder of the month
Monthly Close is key$ BTC #Crypto #Bitcoin https://t.co/9ginJXUJXX pic.twitter.com/99oye5epLb
– Rekt Capital (@rektcapital) November 22, 2021
BTC continues to retest this monthly level as support. The monthly retest remains intact, despite the downward volatility. With that said, it bears repeating that BTC could still easily look like this for the rest of the month. The monthly closing is key.
As in previous bearish periods, High-volume investors in exchanges appeared to be gambling and even trying to accelerate new profits.
As noted by Charles Edwards, CEO of asset manager Capriole, Buyers’ support levels are creeping up.
“Bitfinex whales raise their bids again”, revealed next to a chart of the platform showing $ 54,000 as a new target instead of $ 50,000.
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