Bitcoin (BTC) showed no sign of breaking the $ 60,000 resistance on Nov. 23 as the specter of the defunct Mt. Gox exchange returned to track the price action.
Mt. Gox is making waves with payouts yet to come
Data from Cointelegraph Markets Pro and TradingView showed BTC / USD again reversed progress that had generated a local high of over $ 59,500 on Monday.
The return toward $ 55,000 came when recent events in the Mt. Gox rehabilitation process, originally released on Nov. 16, hit the media.
In an announcement, trustee Nobuaki Kobayashi confirmed that the plans had now become “final and binding,” with the implication that the 141,000 BTC in custody would soon be distributed.
“The rehabilitation trustee will then make repayments to rehabilitation creditors who have legitimate rehabilitation entitlements under the rehabilitation plan,” it says.
“The rehab creditors will be informed of the details of the exact timing, procedures, and amount of such repayments.”
While the details of the Mt. Gox conclusion have long been known, the already shaky markets appeared to double their stance on Tuesday, with sentiment tumbling further.
According to the Crypto Fear & Greed Index, the “neutral” mood a day ago is now firmly back in the “fear” territory, which was 33/100 at the time of writing.
Business as usual for monthly removals
When zooming out, popular trader and analyst Rekt Capital found that Bitcoin was behaving completely sensibly on the monthly timeframe.
Related: $ 60,000 Turns Into Resistance – 5 Things To Look For In Bitcoin This Week
After the highest month-end ever in October, a new test of an earlier monthly support level will now continue in 2021.
#BTC is still testing this monthly level as a support
The monthly retest is still intact despite the downward volatility
It’s worth repeating, however, that BTC could easily see that way for the rest of the month
Monthly closing is the key $ BTC #Crypto #Bitcoin https://t.co/9ginJXUJXX pic.twitter.com/99oye5epLb
– Rekt Capital (@rektcapital) November 22, 2021
As in earlier downturns, large-volume investors on the stock exchanges seemed to be looking for new profits and even trying to accelerate them.
As Charles Edwards, CEO of wealth manager Capriole noted, buyers’ support levels are rising as Bitcoin does not go down on the targets.
“Bitfinex whales are raising their bids again,” he revealed alongside a chart of the platform showing $ 54,000 as the new focus instead of $ 50,000.