Bitcoin Whales Plan To Buy Higher BTC As New Mt. Gox Payments Add To Market Fear

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Bitcoin (BTC) showed no signs of resistance at $ 60,000 on November 23 as the specter of the defunct Mt. Gox exchange returned to haunt the price action.

1 hour BTC / USD candle chart (Bitstamp). Source: TradingViewMt. Gox is making waves with upcoming payments

Data from Cointelegraph Markets Pro and TradingView showed BTC / USD again reversing progress that produced a local high above $ 59,500 on Monday.

The return to around $ 55,000 came as the latest events in the Mount Gox rehabilitation process, originally published on November 16, began to hit the media.

In an announcement, administrator Nobuaki Kobayashi confirmed that the plans had now become “final and binding”, implying that the 141,000 BTC in custody would soon be distributed.

“The rehabilitation trustee will then make reimbursements to rehabilitation creditors holding rehabilitation claims authorized in accordance with the rehabilitation plan,” he said.

“An announcement will be made to pardon creditors on the details of the timing, procedures and amount of these repayments.”

While the details of the Mt. Gox closing have long been known, already fragile markets appeared to double their position on Tuesday as sentiment took another hit.

According to the Crypto Fear & Greed Index, what was “neutral” sentiment just a day ago is now firmly back in “fear” territory, with the gauge measuring 33/100 at the time of writing.

Crypto fear and greed index. Source: Alternative.meBusiness as usual for monthly moves

Zooming out, popular trader and analyst Rekt Capital noted that over monthly periods of time, Bitcoin was behaving quite reasonably.

Related: $ 60,000 Becomes Resistance – 5 Things To Watch In Bitcoin This Week

After the highest monthly close on record in October, a new test of the previous monthly support level from 2021 continues.

#BTC is still retesting this monthly level as support

The monthly retest is still intact, despite the downside volatility

That said, it bears repeating that BTC could still easily switch like this for the rest of the month.

The monthly close is the key $ BTC #Crypto #Bitcoin https://t.co/9ginJXUJXX pic.twitter.com/99oye5epLb

– Rekt Capital (@rektcapital) November 22, 2021

Along with previous periods of decline, the big investors on the stock exchanges seemed to be betting and even trying to accelerate further gains.

As noted by Charles Edwards, CEO of asset manager Capriole, levels of buyer support are gradually increasing as Bitcoin fails to meet its targets.

“Bitfinex Whales have once again raised their stakes,” he revealed alongside a platform chart showing $ 54,000 as a new goal instead of $ 50,000.

BTC / USD annotated chart with support and resistance. Source: Charles Edouard

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