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Bitcoin (BTC) price fell below $59,000 in the last 24 hours, causing concern among investors and analysts. This 3.38% drop brought the largest cryptocurrency to its lowest level since early May, trading around $58,500 at the time of writing.
Mt. Gox Payments and US Economic Uncertainties Push Price Below $59,000
Despite previous market optimism predicting a recovery, Bitcoin struggled to maintain its position above the resistance line corresponding to $60,000. Rachael Lucas, an analyst at Australia’s BTC Markets exchange, emphasized the psychological importance of this level, noting that staying below $60,000 could lead to increased short-term volatility.
One of the main factors contributing to the recent increase in Bitcoin’s volatility is the upcoming payments to creditors of the collapsed 2014 cryptocurrency exchange Mt. Gox. Creditors will start receiving their shares of approximately 142,000 BTC worth about $9 billion from July. This significant influx of Bitcoin into the market is expected to create substantial selling pressure and increase the circulating supply, potentially driving the price down further.
Adding to the uncertainty, concerns surrounding the US economy, particularly regarding inflation and interest rates, are also negatively impacting Bitcoin. Fed Chairman Jerome Powell acknowledged progress in controlling inflation but stated that more work is needed, causing market anxiety. While investors expect multiple rate cuts this year, the Fed is currently considering only one. This cautious stance contributes to risk aversion among investors, affecting both traditional markets and cryptocurrencies.
Despite some analysts predicting a positive trend for Bitcoin in July due to historical seasonality, some experts remain skeptical. Bit.com’s Marketing Director Toya Zhang highlighted the challenges posed by low market liquidity and the absence of positive developments for the cryptocurrency market. Zhang also noted that many over-the-counter desks are receiving large sell orders, indicating that family offices and high-net-worth individuals are profiting from the recent bull cycle.
Spot Bitcoin ETF trading volumes in the US have also dropped sharply, falling to around $800 million on July 3. This decline in activity underscores the cautious approach currently adopted by investors.
Bitcoin’s Short-Term Future Remains Uncertain
Lucas commented that she expects high volatility for Bitcoin as the market absorbs the negative impact of Mt. Gox repayments and responds to broader economic signals.
The analyst advised cautious optimism, stating that if market liquidity remains strong, BTC could recover similarly to past rebounds following significant sell-offs. However, Bitcoin’s short-term future is uncertain, with many variables at play, increasing pressure on the largest cryptocurrency.
