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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)
Disclaimer
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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Risk Warning: Trading Forex and CFDs carries the risk of losing substantially more than your initial investment and should only be traded with money you can afford to lose. You do not own or have any rights to the assets that underlying the derivatives (such as the right to receive dividend payments). Ensure you fully understand the risks involved. Trading leveraged products may not be suitable for all investors. Before trading, please take into consideration your level of experience, investment objectives and seek independent financial advice if necessary. Please consider our legal documents and ensure that you fully understand the risks before you make any trading decisions.
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Ultima Markets, a trading name of Ultima Markets Ltd, is authorized and regulated by the Financial Services Commission "FSC" of Mauritius as an Investment Dealer (Full-Service Dealer, excluding Underwriting) (license No. GB 23201593). The registered office address: 2nd Floor, The Catalyst, 40 Silicon Avenue, Ebene Cybercity, 72201, Mauritius.
HuaPrime EU Ltd, registered number HE423188, and with a business address at Georgiou Griva Digeni 122A, Kallinicos Court, Shop 1—Upper level, Neapolis, 3101 Limassol, Cyprus, is regulated by the Cyprus Securities and Exchange Commission, which has CIF license number 426/23.
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