Bitcoin Cash experienced significant price movements. News about payments to Mt. Gox creditors included BCH, leading to a price increase of over 9%, reaching $390. BCH technical indicators suggest larger increases if the $400 level is surpassed.
Mt. Gox Payments Begin
According to the trustee handling the case, Mt. Gox, which collapsed in 2014 after losing 850,000 Bitcoins and was once at the top of the market, will begin repayments to past creditors in Bitcoin (BTC) and Bitcoin Cash (BCH) starting in July.
An announcement stated:
The trustee has completed the exchange and approval of necessary information for repayments. Bitcoin and Bitcoin Cash repayments will begin at the appropriate time. The exact timeline for repayments will follow the order in which cryptocurrency exchanges complete the necessary information exchange and approval.
The news is a long-awaited result for approximately 127,000 investors who have been waiting for their claims. Mt. Gox is known to owe its creditors more than $9.4 billion as of today.
This event is thought to be connected to the transfer of $9.6 billion worth of Bitcoin to a new wallet last month. An explanation was provided after the transfer, confirming the connection.
What Will BCH’s Price Be?
BCH price surged nearly 10% in the last 24 hours, moving from the low of $344 on June 24 to $390 on June 25. The noticeable price increase indicates interest from those owed by the exchange and a reversal of the price decline.
On the other hand, BCH’s RSI value is at 38.76, indicating that the market still has heavy selling pressure. The RSI value had dropped below 30 in recent hours, creating an oversold environment.
Key resistance levels for BCH to watch include the $424.77 level, which aligns with the 20-day moving average and the current location of the Bollinger Band. The lower Bollinger Band at $348 could serve as potential support in BCH’s price movement.
