{"id":526456,"date":"2024-05-28T11:19:33","date_gmt":"2024-05-28T11:19:33","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=526456"},"modified":"2024-05-28T11:19:33","modified_gmt":"2024-05-28T11:19:33","slug":"bitcoin-price-prediction-btc-drops-1-as-mt-gox-wallet-shifts-more-than-7-billion-bitcoin-and-traders-turn-to-99btc-for-1001-staking-rewards","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-price-prediction-btc-drops-1-as-mt-gox-wallet-shifts-more-than-7-billion-bitcoin-and-traders-turn-to-99btc-for-1001-staking-rewards","title":{"rendered":"Bitcoin Price Prediction: BTC Drops 1% As Mt.Gox Wallet Shifts More Than $7 Billion Bitcoin And Traders Turn To 99BTC For 1,001% Staking Rewards"},"content":{"rendered":"

The Bitcoin price dropped 1% in the last 24 hours <\/span>to trade at $67,767<\/span><\/a> as of 02:35 a.m. EST on trading volume that soared 60% to $29 billion.<\/span><\/p>\n

This decline follows the movement of 107,547 BTC, worth nearly $7.3 billion from wallets associated with the collapsed crypto exchange Mt.Gox. This activity precedes the exchange’s plans to return BTC holdings to creditors before October.<\/p>\n

\"Whale<\/p>\n

Mt.Gox owes over $9.4 billion to 127,000 creditors, who have been on hold for more than ten years after its collapse in 2014.<\/span><\/p>\n

In the last two months, the Bitcoin price has been fluctuating within the symmetrical triangle, as the bulls aimed to push the price above the upper boundary of the triangle, data from <\/span>GeckoTerminal<\/span><\/a> shows.<\/span><\/p>\n

In May, BTC was able to breach the upper boundary of the triangle, rising to the $72,253 resistance. After the news, BTC has been on a retrace to the current price, touching the upper boundary.<\/span><\/p>\n

Bitcoin Price Set For A Bullish Rally Over The Symmetrical Triangle<\/span><\/h2>\n
\"Bitcoin
BTCUSD Chart Analysis Source: GeckoTerminal.com<\/figcaption><\/figure>\n

The Bitcoin price trades well above both the 50-day and 200-day Simple Moving Averages (SMAs), an indication of the token’s price upward potential.<\/span><\/p>\n

Moreover, the Relative Strength Index (RSI) trades above the 50-midline level, currently at 53 as it moves up. A sustained bullish stance could push the RSI over to the 70-overbought region, which indicates intense buying pressure.<\/span><\/p>\n

The Moving Average Convergence Divergence (MACD) is also bullish, as the blue MACD line crosses above the orange signal line. Retail investors could capitalize on the bullish crossover to add to their buying positions, which could potentially propel BTC to new highs.<\/span><\/p>\n

The green bars on the histogram also extend above the neutral line, which shows that BTC is moving with positive momentum.<\/span><\/p>\n

Bitcoin Price Prediction – BTC Bulls Aiming For $90,000<\/span><\/h2>\n

The Bitcoin price long-term analysis shows that the bulls are gearing up for a bullish rally over the symmetrical triangle as they target $90,000.<\/span><\/p>\n

The main indicators, including the RSI and MACD, signal open buying positions for optimistic investors, which could prompt a bullish rally.<\/span><\/p>\n

However, the MACD indicates that buyers are in profits, which could prompt a sell-off by the bears. If the bears exert pressure at this level, BTC could retrace back to the $60,900 support level.<\/span><\/p>\n

Meanwhile, as the BTC price soars, some investors are also buying $99BTC, which has already raised more than $1.6 million.<\/span><\/p>\n

According to Jacob Bury, a prominent crypto YouTuber, $99BTC has the potential to turn a $1K investment into $10K after its launch.<\/span><\/p>\n