Bitcoin is Struggling above $60,000
Bitcoin (BTC) is experiencing a decline of 4.1%, dropping to $61,166, though it reached a lower point of $58,400 on June 24. The current downturn is attributed to the impending asset distribution by the defunct Mt. Gox crypto exchange, scheduled for the first week of July.
In May, the exchange moved over 140,000 BTC (valued at approximately $9 billion) from cold wallets to an unknown address, indicating preparation for distribution Mt. Gox was hacked in 2014, resulting in the loss of 740,000 BTC from its clients.
I foresee a pessimistic scenario, as many exchange clients are eager to take a 12,160% profit, as BTC was around $500 per coin in 2014. Some investors believe that would be no massive sell-off as prospects for the rest of 2024 and 2025 are very optimistic. However, the strong support at $60,000 could prevent a deep dive.
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