Bitcoin faces resistance at $67,000 amid to Mt. Gox transfer worries

US Spot Bitcoin ETF experienced inflows of 2,129 BTC worth $140.33 million.
A whale withdrew 1,300 BTC valued at $85.56 million from Binance on Wednesday.
Lookonchain shows that Mt. Gox transferred 47,229 BTC valued at $3.13 billion to three unknown wallets on Wednesday.
Tron Founder Justin Sun advocates for China to adopt Bitcoin in his X post.

Bitcoin (BTC) stabilizes around $66,000 on Wednesday after missing a close above $70,000 on Monday. Lookonchain reported that US Spot ETFs received inflows of 2,129 BTC worth $140.33 million, a whale acquired 1,300 BTC valued at $85.56 million from Binance, and Mt. Gox continued its creditor payments by transferring 47,229 BTC worth $3.13 billion to three unknown wallets. Additionally, Tron Founder Justin Sun urged China to adopt Bitcoin in post in X (formerly Twitter).

Daily digest market movers: Bitcoin drops as Mt. Gox moved 47,229 BTC

According to Lookonchain a whale, "12QVsf" withdrew 1,300 BTC valued at $85.56 million from Binance on Wednesday, totaling 5,800 BTC worth $387.88 million withdrawn from the exchange over the past two days.

Whale"12QVsf" withdrew 1,300 $BTC($85.56M) from #Binance again in the past 30 minutes!

The whale has withdrawn 5,800 $BTC($387.88M) from #Binance in the past 2 days!

Address:
12QVsfAFv5RsHuqx4i9WsNGJPeiYLoN2qohttps://t.co/W3vpJUThry pic.twitter.com/K4mpBjQaZS
— Lookonchain (@lookonchain) July 31, 2024

Lookonchain reveals that Mt. Gox transferred 47,229 BTC valued at $3.13 billion to three unknown wallets on Wednesday, adding to the 61,559 BTC worth $3.89 billion it has moved since July 5 to exchanges like Bitstamp, Kraken, Bitbank, and SBI VC Trade for repayment. With Mt. Gox currently holding $5.23 billion in Bitcoin, these ongoing transfers are likely fueling FUD (Fear, Uncertainty, Doubt) among traders, which may be contributing to Bitcoin's recent price decline.

Mt. Gox moved 47,229 $BTC($3.13B) to 3 unknown wallets again in the past 3 hours!#MtGox has moved 61,559 $BTC($3.89B) to #Bitstamp, #Kraken, #Bitbank, and SBI VC Trade for repayment since July 5.https://t.co/f2q66eQNuk pic.twitter.com/3G1tp47rav
— Lookonchain (@lookonchain) July 31, 2024

On Tuesday, US spot Bitcoin ETFs experienced inflows of 2,129 BTC worth $140.33 million.Monitoring these ETFs' net flow data is crucial for understanding market dynamics and investor sentiment.

July 30 Update:

9 #Bitcoin ETFs
NetFlow: +2,129 $BTC(+140.33M)#iShares(Blackrock) inflows 3,051 $BTC($201.04M) and currently holds 341,521 $BTC($22.51B).

9 #Ethereum ETFs
NetFlow: -66,352 $ETH(-$219.63M)#Grayscale(ETHE) outflows 109,285 $ETH($361.73M) and currently holds… pic.twitter.com/Ly5gNMoii6
— Lookonchain (@lookonchain) July 30, 2024

Justin Sun, the founder of Tron, posted on his X handle, "China also needs to step up. Since President Trump pushed for Bitcoin, U.S. policies have warmed. China should make further progress in this area. Competition between China and the U.S. in Bitcoin policy will benefit the entire industry."

China also needs to step up. Since President Trump pushed for Bitcoin, U.S. policies have warmed. China should make further progress in this area. Competition between China and the U.S. in Bitcoin policy will benefit the entire industry.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) July 28, 2024

Technical analysis: BTC price retraces to daily support level

Bitcoin price faced rejection at the weekly resistance level of $69,648 on Monday and retraced roughly 1% on Tuesday. At the time of writing, BTC trades slightly higher by 0.19% at $66,296.

If BTC continues to retrace, it could find support at the daily level of $64,913. If this support holds, BTC could rise 10% to retest its June 7 high of $71,997.

On the daily chart, the Relative Strength Index (RSI) and the Awesome Oscillator (AO) indicators are trading above their neutral levels of 50 and zero, respectively. This robust momentum signals a strong bullish sentiment in the market.

BTC/USDT daily chart

However, a close below $62,736 and a break below an ascending trendline drawn from July lows would change the market structure from bullish to bearish by forming a lower low on the daily timeframe. Such a scenario might precipitate a 10% crash in Bitcoin's price to retest its July 12 low of $56,405.

Crypto ETF FAQs

What is an ETF?

An Exchange-Traded Fund (ETF) is an investment vehicle or an index that tracks the price of an underlying asset. ETFs can not only track a single asset, but a group of assets and sectors. For example, a Bitcoin ETF tracks Bitcoin’s price. ETF is a tool used by investors to gain exposure to a certain asset.

Is Bitcoin futures ETF approved?

Yes. The first Bitcoin futures ETF in the US was approved by the US Securities & Exchange Commission in October 2021. A total of seven Bitcoin futures ETFs have been approved, with more than 20 still waiting for the regulator’s permission. The SEC says that the cryptocurrency industry is new and subject to manipulation, which is why it has been delaying crypto-related futures ETFs for the last few years.

Is Bitcoin spot ETF approved?

Bitcoin spot ETF has been approved outside the US, but the SEC is yet to approve one in the country. After BlackRock filed for a Bitcoin spot ETF on June 15, the interest surrounding crypto ETFs has been renewed. Grayscale – whose application for a Bitcoin spot ETF was initially rejected by the SEC – got a victory in court, forcing the US regulator to review its proposal again. The SEC’s loss in this lawsuit has fueled hopes that a Bitcoin spot ETF might be approved by the end of the year.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.