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Bitcoin Retreats Amid Upward Pressure and Negative News

UM Editor

July 4, 2024 at 1:09 pm

Bitcoin’s value has decreased by approximately 3%, hovering near the crucial $60,000 mark. The situation marks the third instance in two weeks where the support level has been tested. Market analysts attribute the decline primarily to the anticipated commencement of Mt. Gox creditor repayments.

Mt. Gox, a defunct Bitcoin exchange, is poised to distribute over $9 billion worth of Bitcoin to around 127,000 creditors who have awaited their funds for more than a decade. The expected influx of Bitcoin into the market may prompt investors to take profits.

Moreover, revised expectations regarding Federal Reserve interest rate cuts have added pressure on cryptocurrencies. Federal Reserve Chair Jerome Powell indicated that the central bank requires greater confidence in inflation trends before considering rate reductions. Additionally, Peter Thiel, a billionaire Bitcoin investor, recently disclosed that he sold a significant portion of his holdings, citing expectations of increased market volatility.

Despite these bearish indicators, Bitcoin has maintained a prolonged consolidation pattern throughout the year, with its current position approaching the lower boundary of its trading range. Market participants are closely monitoring the $60,000 threshold, as a sustained breach could potentially lead to a test of the 200-day moving average near $57,000 and the critical support level at $56,427.

(Bitcoin Weekly Chart)

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Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.

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