On Wednesday, July 24, Bitcoin (BTC) dropped by 0.75%, ending the day at $65,398. This decline followed a 2.52% drop the day before, on Tuesday, July 23. Ongoing concerns about oversupply are affecting BTC’s demand.
On Thursday, July 25, it’s important to pay attention to updates related to Mt. Gox and trends in the US BTC-spot ETF market.
Mt. Gox Transfers and Market Impact
On Wednesday, Arkham Intelligence reported that Mt. Gox transferred 2,869 BTC to new wallets. Despite these transfers, Mt. Gox still holds a substantial amount of 80,128 BTC, valued at $5.32 billion. This includes previous transfers of 48,641 BTC to Kraken and 5,106 BTC to Bitstamp.
Bitstamp has confirmed receiving BTC, Bitcoin Cash (BCH), and Ethereum (ETH) from the Mt. Gox trustees. The exchange announced it will start distributing these assets to Bitstamp customers on July 25. Customers should have full control of their assets within a week, once security checks are complete.
There are ongoing concerns that creditors may flood the crypto market with their holdings, potentially affecting the supply-demand balance and impacting the bullish momentum seen since the Bitcoin Halving event. The market might have to wait a week to gauge if creditors will sell off their crypto, and this uncertainty could continue to influence BTC demand. Increased trading volumes on Kraken and Bitstamp might drive BTC prices below $55,000.
US BTC-Spot ETF Market Sees Shift in Flows
On Tuesday, the US BTC-spot ETF market ended a 12-day streak of inflows as investors watched BTC flows from Mt. Gox to various exchanges. Concerns about oversupply and the potential for a BTC price correction affected demand for US BTC-spot ETFs.
According to Farside Investors, the Grayscale Bitcoin Trust (GBTC) experienced net outflows of $26.2 million on Wednesday. In contrast, the ARK 21Shares Bitcoin ETF (ARKB) saw net inflows of $3.3 million, and the Fidelity Wise Origin Bitcoin Fund (FBTC) reported net inflows of $1.4 million. Excluding data from iShares Bitcoin Trust (IBIT) and Invesco Galaxy Bitcoin ETF (BTCO), the US BTC-spot ETF market recorded total net outflows of $21.5 million, compared to $78.0 million the previous day.
Investors should stay vigilant as updates related to Mt. Gox and US crypto-spot ETF flow data will continue to impact the crypto market. Keeping up with real-time data and expert analysis is essential for adjusting trading strategies and managing market risk.
BTC Price Trends and Key Resistance Levels
BTC continues to trade above the 50-day and 200-day EMAs, maintaining its bullish price trends. If BTC breaks through the $65,000 mark, it could push towards the $69,000 resistance level. A successful move above $69,000 might lead BTC to test the all-time high of $73,808.
Market flows from BTC-spot ETFs and updates related to Mt. Gox are important factors to watch as they could impact BTC’s price movements.
Conversely, if BTC falls below the $64,000 support level and the 50-day EMA, it might face a decline towards the $60,365 support level. With a 14-day RSI reading of 54.83, BTC could potentially climb back to $70,000 before reaching overbought conditions.
ETH Price Trends and Key Support Levels
ETH is currently trading below the 50-day EMA but remains above the 200-day EMA, suggesting bearish short-term signals but a bullish longer-term outlook.
A move above the 50-day EMA could pave the way for ETH to test the $3,480 resistance level. A breakout above this resistance could lead the bulls towards the $3,600 mark. US ETH-spot ETF market flow data should be considered as they might influence ETH’s price direction.
On the other hand, if ETH drops below the $3,244 support level, it might move toward the 200-day EMA. A decline past the 200-day EMA could bring the $3,033 support level into play. With a 14-period RSI reading of 44.08, ETH may fall below the 200-day EMA before approaching oversold conditions.
Summary
Mt. Gox Transfers and Market Impact: On Wednesday, Mt. Gox transferred 2,869 BTC to new wallets, leaving it with 80,128 BTC valued at $5.32 billion. Transfers included 48,641 BTC to Kraken and 5,106 BTC to Bitstamp. Bitstamp will start distributing these assets to customers on July 25, with full control expected within a week. Concerns about potential market flooding by creditors could affect BTC demand, with increased trading volumes on Kraken and Bitstamp potentially pushing BTC prices below $55,000.
US BTC-Spot ETF Market: On Tuesday, the US BTC-spot ETF market ended a 12-day inflow streak due to oversupply concerns and potential BTC price corrections. Grayscale Bitcoin Trust (GBTC) saw net outflows of $26.2 million, while ARK 21Shares Bitcoin ETF (ARKB) and Fidelity Wise Origin Bitcoin Fund (FBTC) had net inflows of $3.3 million and $1.4 million, respectively. Total net outflows amounted to $21.5 million, down from $78.0 million the previous day.
BTC Technical Analysis: BTC remains above the 50-day and 200-day EMAs, suggesting a bullish trend. A break above $65,000 could lead to a test of the $69,000 resistance level and potentially the all-time high of $73,808. Conversely, falling below $64,000 and the 50-day EMA might push BTC towards the $60,365 support level. With a 14-day RSI reading of 54.83, BTC might reach $70,000 before becoming overbought.
ETH Technical Analysis: ETH is trading below the 50-day EMA but above the 200-day EMA, indicating short-term bearishness and long-term bullishness. A rise above the 50-day EMA could target the $3,480 resistance level, with a breakout potentially reaching $3,600. A drop below $3,244 might lead ETH to test the 200-day EMA, and further decline could bring the $3,033 support level into play. The 14-period RSI reading of 44.08 suggests ETH could fall below the 200-day EMA before approaching oversold conditions.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Â
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
