Recent news that Mt. Gox has begun its bitcoin payouts may have caused some to worry about the future of bitcoin and other cryptocurrencies, but whales are planning on buying up more for a good price before the upturn.
The “when to buy bitcoin 2021” is a question that has been asked by many people. The answer to the question is actually quite simple, because the market will be in an uptrend.
On Nov. 23, the shadow of bankrupt exchange Mt. Gox returned to haunt price activity, as Bitcoin (BTC) showed no signs of breaking through $60,000 barrier.
1 hour candle chart of BTC/USD (Bitstamp). TradingView is the source of this information.
Mt. Gox is making headlines with its upcoming payments.
According to data from Cointelegraph Markets Pro and TradingView, BTC/USD is retracing its recent gains, which included a local high over $59,500 on Monday.
The return to $55,000 occurred as the newest developments in the Mt. Gox restoration effort, which were first reported on Nov. 16, started to make the rounds in the media.
Trustees Nobuaki Kobayashi and Nobuaki Kobayashi said that the arrangements had now become “final and binding,” implying that the 141,000 BTC in custody will be dispersed shortly.
“In line with the Rehabilitation Plan, the Rehabilitation Trustee will thereafter issue repayments to rehabilitation creditors holding permitted rehabilitation claims,” it says.
“Rehabilitation creditors shall be notified in writing of the particular schedule, processes, and amount of such repayments.”
Despite the fact that the contents of the Mt. Gox decision have been known for some time, already fragile markets seemed to double down on their position on Tuesday, with sentiment taking another hit.
What was “neutral” attitude only a day ago is now firmly back in “fear” zone, according to the Crypto Fear & Greed Index, which is reading 33/100 at the time of writing.
Fear and Greed Index for Cryptocurrencies. Alternative.me is the source of this information.
For monthly movements, it’s business as usual.
Zooming out, prominent trader and analyst Rekt Capital saw that Bitcoin was acting perfectly rationally on monthly timescales.
$60K becomes resistance – 5 things to keep an eye on in Bitcoin this week
Following October’s greatest monthly closing ever, a retest of a prior monthly support level from 2021 is now underway.
This Monthly level of assistance is still being tested by #BTC.
Despite the negative volatility, the monthly retest is still intact.
However, it’s worth noting that BTC might continue to seesaw like this for the rest of the month.
Monthly Close is key$BTC #Crypto #Bitcoin https://t.co/9ginJXUJXX pic.twitter.com/99oye5epLb pic.twitter.com/99oye5epLb pic.twitter.com/99oye5epLb pic.twitter.com/99oye5epLb pic.twitter
November 22, 2021 — Rekt Capital (@rektcapital)
Meanwhile, large-volume investors on exchanges looked to be betting on and even attempting to speed fresh gains, as they had done in prior downturns.
Buyer support levels are growing higher, according to Charles Edwards, CEO of asset management Capriole, as Bitcoin fails to drop below objectives.
“Bitfinex whales are once again stepping up their bids,” he said, holding up a chart from the site that showed $54,000 as a new emphasis rather than $50,000.
Annotated BTC/USD chart with support and resistance levels. Charles Edward, n.d.
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