Whales appear to be repositioning their bitcoin buy bids higher as the price action seems to bore most of those who seek a continuation of the Bitcoin bull market. On November 23, 2021, Bitcoin is showing no signs of tackling the $60,000 resistance level as the specter of Mt. Gox, a defunct exchange, returned to haunt price action.
The Mt. Gox news seems to be making waves with payouts yet to come. Data acquired from TradingView showed BTC/USD again dropping from a local high of $59,500 that was reached on Monday. This plunge towards $55,000 happened as the latest events in the Mt. Gox rehabilitation procedure that was published on November 16 started to hit the media.
In their official announcement, trustee Nobuaki Kobayashi said that the plans had now become ‘final and binding.’ This means that the 141,000 Bitcoin under custody would soon be distributed. The Trustee added:
“The Rehabilitation Trustee will then make repayments to rehabilitation creditors holding allowed rehabilitation claims in accordance with the Rehabilitation Plan. An announcement will be made to rehabilitation creditors on the details of the specific timing, procedures, and amount of such repayments.”
Although the details of the Mt. Gox conclusion have been known for a long time, the current shaky markets seemed to double down on their stand. The general market sentiment has taken a further beating.
Based on the Crypto Fear & Greed Index, what was “neutral” sentiment barely a day ago is now strongly back in the ‘fear’ zone, with the gauge measuring 33/100 at the time of publication.
Markets Normal For Monthly Moves
In the meantime, while zooming out, a popular trader and analyst Rekt Capital said that on the monthly timeframes, Bitcoin appears to be behaving entirely normal.
#BTC is still retesting this Monthly level as support
Monthly retest is still intact, despite the downside volatility
That said, it is worth repeating that BTC could still easily see-saw like this for the remainder of the month
— Rekt Capital (@rektcapital) November 22, 2021
After recording the highest ever monthly close in October, a retest of the previous 2021 monthly support zone is now continuing.
In line with the past downside trends, in the meantime, huge-volume investors on the crypto exchanges seemed to be betting on and trying to speed up new gains.
According to the CEO of asset manager Capriole, Charles Edwards, buyer support zones are creeping higher as Bitcoin fails to drop to the targets. He revealed using a chart from the platform indicating that $54,000 is the new focus instead of $50,000.
“Bitfinex whales once again walking up their bids.”