According to market news, the trustee of Mt.Gox has announced that the rehabilitation plan is ready and will begin repaying BTC and BCH, with an expected launch in early July.
Following this news, Bitcoin has dropped again after a continuous decline, currently falling below $62,000, while Ethereum hovers just above $3,300. Undoubtedly, this is a significant bearish news for the current market, and if the repayment proceeds as planned in July, the price of Bitcoin will continue to be under pressure. The Mt.Gox trustee holds 141,686 BTC, worth around $9.2 billion.
A few days ago, with the appearance of a heavy volume decline in Bitcoin, I predicted that this pullback could lead to a price drop below $60,000.
Currently, the price is just a few points away from breaking the $60,000 mark, and looking at the market trend, it is likely to complete this process today or tomorrow.
Bitcoin has already fallen below $61,000, and Ethereum has also dropped below $3,300, indicating a continued downtrend in the market. The market is still clearly bearish, and we can only hope that the $60,000 support level can hold. If it further declines, $56,000 will become a key support, determining the ultimate depth of the pullback.
According to data from TheBlock, since June, Bitcoin miners have sold more than 30,000 BTC, equivalent to about $20 billion.
This is the fastest pace of selling in over a year. Looking back, Bitcoin has been repeatedly restricted by selling pressure above $70,000. This indicates the presence of selling pressure in the market. Next, market expectations are mainly focused on the Ethereum ETF, but whether it is Bitcoin’s spot ETF or Ethereum’s futures ETF, it is not enough to form a large-scale positive for the market. The biggest hope at the moment is that the inflow of funds into the crypto market caused by the Fed’s interest rate cut, but this will take time to materialize.
Objectively speaking, the next few months may be a bit of a struggle for everyone, but I don’t think we need to be too pessimistic.
The market always has its ups and downs, and when the market was at its peak, I repeatedly recommended reducing positions based on risk considerations. Now I am confident in the bull market next year, which is also based on trust and understanding of the market.
The future strategy mainly remains to buy at low points, considering the market is in a pullback cycle, and to participate in some short-term operations while bottom fishing.
In addition, from a price perspective, many old altcoins have already experienced a significant adjustment, and if they continue to fall, they will enter a more attractive range.