The whales are positioning their BTC buy orders higher as the price action seems to be tiring those looking for a continuation of the Bitcoin bull market.

On Nov. 23, Bitcoin (BTC) showed no signs of challenging the $60,000 resistance as the specter of the defunct Mt.Gox exchange returned to track price action.

BTC/USD hourly chart (Bitstamp). Source: Trading View
Mt.Gox gains momentum, payouts yet to come
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD reversed, leading to a local high above $59,500 on Monday.

The return to $55,000 comes after the latest developments in the Mt.Gox remediation process, originally released on Nov. 16, hit the media.

In a statement, trustee Nobuaki Kobayashi confirmed that the plans have now become “final and binding,” implying that the 141,000 BTC in custody will be distributed soon.

“The rehab manager will then make payments to rehab lenders with eligible rehab requirements under the rehab plan,” it says.

“An announcement will be made to rehabilitation lenders detailing the exact timing, procedures and amount of such payments.”
Although the details of Mt.Gox’s conclusion have long been known, the already shaky markets appeared to have doubled on Tuesday as sentiment continues to rise.

What was “neutral” sentiment just a day ago is now firmly back in “fear” territory, according to the Crypto Fear & Greed Index, with the indicator reading 33/100 at the time of this writing.

Cryptocurrency index of fear and greed. Source: Alternative.me
Business as usual for monthly moves
Meanwhile, popular trader and analyst Rekt Capital noted that Bitcoin is behaving perfectly reasonable on monthly timeframes.

RELATED: $60,000 Turns Into Resistance – 5 Things To Watch In Bitcoin This Week

After the highest monthly close in October, the previous monthly support level of 2021 continues to be retested.

Meanwhile, as in previous downturns, big investors in the stock markets appeared to be betting on new growth and even trying to accelerate it.

As Charles Edwards, CEO of wealth manager Capriole, points out, buyer support is on the rise as bitcoin falls short of targets.

“The Bitfinex whales are increasing their stakes again,” he revealed, along with a platform chart showing $54,000 as the new focus instead of $50,000.

Annotated BTC/USD chart showing support and resistance levels. Source: Charles Edward.

Source: CoinTelegraph

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