Market Crash Ahead? Mt. Gox Moves $49.3 Million in Bitcoin

Amid ongoing market uncertainty, the defunct crypto exchange Mt. Gox has captured everyone’s attention after transferring a million dollars worth of Bitcoin (BTC). Today, December 23, 2024, blockchain-based intelligence firm Arkham posted on X (formerly Twitter) that Mt. Gox has moved a substantial $49.3 million worth of BTC.

Mt. Gox Moves $49.3 Million in Bitcoin (BTC)

The post on X further noted that the exchange has distributed this notable BTC into various wallets, allocating $19 million to two new wallets and transferring $30.6 million into the final wallet, 1Mvm. This is the second distribution Mt. Gox has made in December 2024 so far.

However, last time, Mt. Gox moved $102.5 million worth of BTC into three separate wallets, resulting in a price decline of over 10% and a crypto liquidation of $1.18 billion, as reported by CoinPedia. Experts are now speculating a similar price decline this time.

Current Price Momentum

Overall market sentiment seems to be struggling. Meanwhile, Bitcoin is trading near $95,770 and has experienced a price decline of over 1.35% in the past 24 hours. During the same period, the asset’s trading volume dropped by 26%, indicating heightened participation from traders and investors compared to the previous day.

Bitcoin (BTC) Technical Analysis and Upcoming Levels

According to expert technical analysis, BTC is currently at a crucial support level of $92,000 and has been consolidating in a range between $92,000 and $98,380 for the last four trading days. Based on the recent price action, if the asset fails to hold this support level and closes a daily candle below $92,000, there is a strong possibility it could drop to the $84,000 level.

Whereas, the technical indicator Relative Strength Index (RSI) suggests potential upside momentum, as its value is near the oversold area.