Is Bitcoin afraid of falling again? Mt. Gox pays off BTC selling pressure for 3 months

This site (120bTC.coM): Mt. Gox, once the world’s largest Bitcoin exchange, has finally received compensation after 10 years of bankruptcy litigation and several delays. It is expected that Mt. Gox will pay 142,000 BTC and 143,000 BCH to creditors before October this year, which is also considered by the market to be the killer that brought down the recent trend of Bitcoin...

Mt.Gox announces the start of repayment

Just yesterday (5th), Mt.Gox released documents showing that it has begun to repay debts to creditors through various cryptocurrency exchanges as planned. However, it is worth noting that Mt.Gox stated that due to the different cryptocurrency exchanges through which creditors receive repayment, the specific time for them to receive repayment will also vary. For example:

• Kraken’s repayment time is 90 Within

• Bitstamp is 60 days

• BitGo is 20 days

• SBIVC Trade and Bitbank are both 14 days.

Screenshots have been circulated on the community, indicating that Japanese creditors have received repayments of BTC and BCH; others have also stated that they have received cash repayments sent by international wire transfers.

Will Bitcoin selling pressure last for three months?

Bitcoin has suffered a heavy decline this week, with the lowest reaching $53,269 yesterday (5th). Although it has rebounded to more than $56,000, if the entire compensation cycle of Mt. Gox may last three months, it may This will bring longer selling pressure to Bitcoin.

However, it has been reported before that Galaxy Research Director Alex Thorn believes that there are three reasons why Mt.Gox’s selling pressure will be less than expected. Is this drop caused by Mt.Gox’s creditors selling? Or is it caused by market panic? It’s hard to say. Let's keep watching.

Where is the support level?

Based on the judgment of the intensive transaction area, the support level after Bitcoin fell below 54,000 US dollars is approximately around 52,000 US dollars, so it is not ruled out that the current rebound will hit the bottom again.

An analyst in the community, Titan of Crypto, also pointed out that Bitcoin is currently at the key 38.2% Fibonacci support level. If it can stand firm, it means that the bull market has not yet fallen below.

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