The first cryptocurrency and the undisputed leader of the market, Bitcoin (BTC), is under price pressure as the crypto exchange Mt. Gox distributes its BTC to creditors through the crypto exchange Kraken amid investors‘ bullish expectations. Bitcoin price is finding buyers at the $65,983 level after a drop of over 1% in the last 24 hours.
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Cryptoquant CEO Ki Young Ju, a well-known figure in the market, stated that Mt. Gox creditors received their BTC on Kraken a few hours ago. However, despite the BTC returns, there was no noticeable change in the hourly spot trading volume or BTC outflows on Kraken. Ju noted that the stable outlook in both volume and exchange is promising for BTC’s future.
According to recent data provided by Arkham Intelligence, Mt. Gox moved 37,477 BTC worth $2.5 billion in the past hours. Since July 5, Mt. Gox has transferred 52,549 BTC ($3.31 billion) to Bitstamp, Kraken, and Bitbank for repayments.
After today’s correction, Bitcoin price fell below $66,500, which marks the purchase price for investors holding BTC for 1 to 3 months. According to data provided by CryptoQuant, BTC breached this critical support level, but the price recovered. Analysts are now focusing on the average purchase price of $63,600 created by investors who invested in the 3 to 6 months range.
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Other data provided by CryptoQuant shows a significant decrease in the total deposit addresses for BTC across all exchanges, reaching 250,000. The decline in deposit addresses indicates varying Bitcoin holding behaviors among investors.
The decrease in the number of these addresses for Bitcoin sales suggests that many investors believe further price increases are possible. This situation may also indicate an increasing sense of confidence.
Due to the pressure created by investors who do not want to sell, it may become difficult to find BTC to buy in the future, and consequently, the price may rise.
