Market Crash Ahead? Mt. Gox Moves $49.3 Million in Bitcoin

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Amid ongoing market uncertainty, the defunct crypto exchange Mt. Gox has captured everyone’s attention after transferring a million dollars worth of Bitcoin (BTC). Today, December 23, 2024, blockchain-based intelligence firm Arkham posted on X (formerly Twitter) that Mt. Gox has moved a substantial $49.3 million worth of BTC.

Mt. Gox Moves $49.3 Million in Bitcoin (BTC)

The post on X further noted that the exchange has distributed this notable BTC into various wallets, allocating $19 million to two new wallets and transferring $30.6 million into the final wallet, 1Mvm. This is the second distribution Mt. Gox has made in December 2024 so far.

However, last time, Mt. Gox moved $102.5 million worth of BTC into three separate wallets, resulting in a price decline of over 10% and a crypto liquidation of $1.18 billion, as reported by CoinPedia. Experts are now speculating a similar price decline this time.

Curious about Bitcoin’s next move? Read Bitcoin price prediction and stay ahead of the market’s unpredictable twists and turns!

Current Price Momentum

Overall market sentiment seems to be struggling. Meanwhile, Bitcoin is trading near $95,770 and has experienced a price decline of over 1.35% in the past 24 hours. During the same period, the asset’s trading volume dropped by 26%, indicating heightened participation from traders and investors compared to the previous day.

Also Read :   Bitcoin Predictions for 2025: Can Bitcoin Reach $250,000?   ,

Bitcoin (BTC) Technical Analysis and Upcoming Levels 

According to expert technical analysis, BTC is currently at a crucial support level of $92,000 and has been consolidating in a range between $92,000 and $98,380 for the last four trading days. Based on the recent price action, if the asset fails to hold this support level and closes a daily candle below $92,000, there is a strong possibility it could drop to the $84,000 level.

Source: Trading View

Whereas, the technical indicator Relative Strength Index (RSI) suggests potential upside momentum, as its value is near the oversold area.