Bitcoin's value remains surprisingly stable, even after the defunct crypto exchange Mt. Gox transferred 13,265 BTC, worth approximately $782 million. This transaction involved 12,000 BTC being moved to a new wallet and 1,265 BTC to an internal wallet.
Mt. Gox moved 1,265 BTC worth $75 million to Bitstamp to help repay creditors. Previously, it transferred 33,140 BTC worth nearly $1.97 billion into new wallets, with only a small fraction finding its way to major exchanges.
Since July 5, Mt. Gox has reallocated 61,670 BTC, valued at $4.04 billion, to exchanges like Bitstamp, SBI VC Trade, and Kraken. Currently, Mt. Gox holds around 79,186 BTC, approximately $4.67 billion. Experts don't foresee significant selling pressure from these movements.
Bitcoin trades at $59,659, experiencing a modest 2.3% decline over 24 hours. Despite this, analysts at K33 Research predict a potential short squeeze that could push Bitcoin prices upward.
The conditions are set for a significant market shift with low funding rates for Bitcoin perpetual futures and increased open interest. This suggests aggressive shorting, creating a ripe setup for a short squeeze.
Global stock markets and gold prices are hitting new highs while Bitcoin lags, potentially setting the stage for a rebound. The Hash Ribbons indicator signals recovery in the crypto mining sector, with the Hash Rate peaking at 638 exahash per second.
This recovery follows a Bitcoin halving event, which historically leads to substantial price increases. Miner capitulations after halves have consistently preceded large price rallies.
