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⚡Bitcoin Traders Optimistic🪝

Croxroad

08 Jul 2024 — 4 min read

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The menu for today:

🧴 BTC Price Rebounds

Bitcoin circled $57,000 into the July 7 weekly close as markets sprang back from “tremendous downside deviation.” Data from Cointelegraph Markets Pro and TradingView showed BTC price action cementing a range roughly 8% above the week’s $53,500 lows. These lows came after the July 5 daily close, representing the lowest levels for BTC/USD since late February. Despite “out of hours” weekend trading, Bitcoin bulls managed to recover some lost ground, leaving the lows as an outlier at the time of writing.

Popular trader and analyst Rekt Capital summarised the situation in one of his latest analysis posts on X (formerly Twitter), noting the "tremendous deviation to the downside in recent days." He highlighted that Bitcoin's recent daily close above $56,750, which protected this level as support, indicated positive signs for continued clustering around the range low area. BTC/USD ultimately just missed out on a pivotal price point at its most recent daily close, which came in at $58,250 versus the desired $58,450, an achievement that Rekt Capital argued “would fuel upside to ~$60,600.”

The latest live data from monitoring resource CoinGlass showed $58,018 as the level attracting the most liquidity to the upside at the time of writing, with the price eating into bid support below $57,000. BTC long liquidations from July 4 to 5 totaled more than $220 million, with the cross-crypto total at $750 million. Shorts then followed over the weekend, with popular trader Daan Crypto Trades noting some short positions closing out on the way to local highs of $58,500. Others eyed encouraging signals among Bitcoin’s relative strength index (RSI) readings on daily timeframes, including a bullish divergence, which analysts like Scott Melker suggested could imply a longer-term BTC price floor if the strength of the latest daily close persisted.

🌺 Crypto History

Defunct cryptocurrency exchange Mt Gox moved over 47,000 BTC to another wallet late evening on Thursday, according to Arkham Intelligence. This transfer precedes its impending $9 billion worth of bitcoin repayment to creditors. One of Mt Gox’s three wallets, which held significant portions of funds, sent approximately 47,228.7 BTC (about $2.71 billion) to a wallet address ending with “6onk.” Early Thursday morning, several Mt Gox wallets were involved in minor transactions over a few hours, with the largest being only $24 worth of bitcoin.

Following the transfer, the new wallet address sent back 2,702 BTC ($154.7 million) to the exchange's cold storage, which was subsequently forwarded to another new wallet, identified as 1PKG....zwzV, according to Arkham data. This wallet soon transferred 1,545 BTC ($85 million) to a hot wallet on Bitbank, an exchange identified as supporting Mt Gox repayments. In late June, Mt Gox announced it would start distributing over $9 billion worth of funds in bitcoin, bitcoin cash, and fiat currency to its creditors in early July.

This significant payout is expected to add substantial selling pressure as the market absorbs the additional supply, according to BTC Markets’ Crypto Analyst Rachael Lucas. Bitcoin’s value has fluctuated since Mt Gox’s repayment announcement, currently trading around $56,994, down 5.54% in the past 24 hours and down 18.7% in the last 30 days. Founded in 2010, Mt Gox was once the largest bitcoin exchange globally until it suffered a security breach in 2014, resulting in the loss of at least 850,000 bitcoin.

🧑‍⚖️ Is Bitcoin Mining Legal?

Bitcoin mining is legal in many jurisdictions around the world. However, it remains illegal in some countries, so it's essential to verify the legal status of mining in your specific location before beginning any mining activities. This ensures compliance with local laws and regulations, which can vary significantly from one region to another.

🤣 Crox Road Memes

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