Bitcoin price rises to $65,200 after market ignores recent BTC transfers from Mt. Gox
According to data from Cointelegraph Markets Pro and TradingView, Bitcoin rose from a low of $62,410 on July 15 to an intraday high of $65,240.
The last time Bitcoin was above $65,000 was on June 18, when the price fell from $66,574 to $53,499 on July 5, following a BTC sell-off by the German government.
As Bitcoin broke above $65,000, liquidations were high as short-term traders were caught off guard. According to Coinglass data, over $240 million was liquidated in the last 24 hours, with $126.84 million in the last 12 hours alone. Around $147.77 million of short-term crypto derivatives traders were liquidated over the past day.
Over $80.13 million worth of leveraged Bitcoin positions were liquidated during the same period.
Bitcoin price rises to $66,000
Bitcoin price is recovering, up 3.2% over the past 24 hours, as billions of dollars worth of coins are being withdrawn from cold wallets linked to the shuttered exchange Mt. Gox.
While some analysts appear to be discounting the possibility of BTC recovering above $65,000 due to concerns over Mt. Gox-induced selling pressure, traders remain optimistic about Bitcoin’s continued recovery.
Popular analyst Skew wrote in a July 15 post on X that “the Bitcoin price is currently trending between $66,000 and $70,000, which is the actual spot supply.”
“So far we are still seeing limit bids moving higher with price, which is what you want to see in an early uptrend. One good confirmation so far is that spot buyers have filled in around the monthly open.”
However, Skew warned that “price momentum still needs to confirm the current trend, with buyers buying and more buyers limited on the downside,” before the uptrend is confirmed.
Related: Bitcoin, BTC Price Drops to $58,000 Amid Mt. Gox Recovery in the Spotlight
Ali Martinez warned that BTC/USD needs to hold above the $62,500 level to sustain the recovery in order to recover to all-time highs.
Meanwhile, MN Capital founder Michael van de Poppe said that while Mt. Gox is preparing to redistribute 180,000 BTC to bondholders, Bitcoin is moving, adding that the news will have little impact on the price.
“The real impact was what happened in the news last week. I don’t think it will have much of an impact at all.”
As previously reported by Cointelegraph, analysts believe that the Mt. Gox redemption may not be bad for BTC as it is already priced in, which explains the current bullishness in the Bitcoin market.
This article does not contain any investment advice or recommendations. All investment and trading moves involve risk, and readers should conduct their own research when making decisions.