Bitcoin (BTC) Another 26% Dump??? | Mt. Gox Creditors Are Closer to Repayment


Hi friends hope you are well, and welcome to the new update on Bitcoin.

 

Mt. Gox Creditors Inch Closer to Repayment:

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https://www.bloomberg.com/news/articles/2022-07-07/mt-gox-creditors-inch-closer-to-repayment-as-bitcoin-dump-looms

 

Mt. Gox creditors are closer to repayment and if they will start selling their Bitcoins in the market then it can be a cause of another Bitcoin dump, and in the worst case, the market may face the conditions as it faced back from the 9th to 16th May 2022, when Luna foundation dumped almost 3 billion dollars worth of BTC in market.

 

Symmetrical triangle:

On an hourly time frame, after breaking out a channel now Bitcoin is moving above $21500 resistance and now this level can work as a support. Now BTC has formed another symmetrical triangle and in case of breakdown the target to the downside can be almost $20k and in case of breakout the target can be $23.2k.

TradingView Chart

200 weekly SMA resistance:

The 200 weekly simple moving average is moving at around $22500, and it can work as a strong resistance for Bitcoin. But if Bitcoin will breakout the aforementioned triangle on an hour time frame, then 200 weekly SMA can also be broken out, which will be a big development.



 

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