Bitcoin (BTC) showed no sign of breaking the $ 60,000 resistance on Nov. 23 as the specter of the defunct Mt. Gox exchange returned to track the price action.
BTC / USD 1-hour candle chart (Bitstamp). Source: TradingView
Mt. Gox is making waves with payouts yet to come
Data from Cointelegraph Markets Pro and TradingView showed BTC / USD is reversing progress that made a local high of over USD 59,500 on Monday.
The return toward $ 55,000 came when recent events in the Mt. Gox rehabilitation process, originally released on Nov. 16, hit the media.
Trustee Nobuaki Kobayashi confirmed in an announcement that the plans had now become “final and binding,” with the implication that the 141,000 BTC in custody would soon be distributed.
“The rehabilitation trustee will then make repayments to rehabilitation creditors who have legitimate rehabilitation entitlements under the rehabilitation plan,” it says.
“The rehabilitation creditors will be informed of the details of the exact timing, procedures, and amount of such repayments.”
While the details of the Mt. Gox conclusion have long been known, the already shaky markets appeared to double their stance on Tuesday, with sentiment tumbling further.
According to the Crypto Fear & Greed Index, the “neutral” sentiment a day ago is now firmly back in the “fear” territory, which was 33/100 at the time of writing.
Crypto Fear and Greed Index. Source: Alternative.me
Business as usual for monthly removals
While zooming out, popular trader and analyst Rekt Capital found that Bitcoin was behaving completely sensibly on the monthly timeframe.
Related: $ 60K Turns Into Resistance – 5 Things To Watch For Bitcoin This Week
After the highest end of the month in October, a new test of an earlier monthly support level in 2021 will now be continued.
#BTC is still testing this monthly level as a support
The monthly retest is still intact despite the downward volatility
It’s worth repeating, however, that BTC could easily see that way for the rest of the month
Monthly closing is the key $ BTC #Crypto #Bitcoin https://t.co/9ginJXUJXX pic.twitter.com/99oye5epLb
– Rekt Capital (@rektcapital) November 22, 2021
As in earlier downturns, large-volume investors on the stock exchanges also seemed to be betting on new profits and even trying to accelerate them.
As Charles Edwards, CEO of wealth manager Capriole noted, buyers’ support levels are rising as Bitcoin does not go down on the targets.
“Bitfinex whales are raising their bids again,” he revealed alongside a chart of the platform showing $ 54,000 as the new focus instead of $ 50,000.
BTC / USD annotated chart with support and resistance strength. Source: Charles Edward