Bitcoin Price Prediction as Mt. Gox Wallet Transfers $2.93 Billion in BTC – Will BTC Stay Above $68K?

Bitcoin (BTC) remains traded bearish, holding around $67,750, with an intraday low of $67,500 amid Mt. Gox wallet transfers. The recent declines follow the news of Mt. Gox transferring 42,909 BTC, valued at $2.93 billion, to an unknown wallet as part of preparations to repay creditors by October.

This move has raised concerns among investors, contributing to BTC’s downward trend. Simultaneously, the US dollar’s decline amid falling US Treasury yields could potentially provide some support for Bitcoin, offering a complex outlook for the cryptocurrency in the near term.

Mt. Gox BTC Transfers Cause a 2% Bitcoin Drop to $67,745 – Will BTC Recover?

On May 28, Bitcoin fell by 2% after Mt. Gox moved 42,909 BTC , worth around $2.93 billion, to an unknown wallet. This move is part of the exchange’s plan to repay creditors by October.

The transactions, tracked by Whale Alert, included a significant transfer of 32,137 BTC. Mt. Gox still holds nearly 138,000 BTC, valued at over $9.36 billion. The lack of explanation for these transfers has put downward pressure on Bitcoin’s price.

• Mt. Gox transferred 12,240 BTC worth $840 million to an unmarked address.
• Further transfers totalled $1.14 billion, preparing to distribute 142,000 BTC, 143,000 BCH, and 69 billion yen.
• This activity caused Bitcoin to drop from $70,600 to below $68,500.

Investors remain cautious as the repayment plan progresses, impacting Bitcoin’s market performance.

Declining US Dollar and Treasury Yields Boost Bitcoin Price Outlook

The US dollar is weakening as US Treasury yields decline, impacting Bitcoin positively. The US Dollar Index (DXY), which measures the dollar against six major currencies, is around 104.50.

Currently, 2-year and 10-year Treasury yields are at 4.94% and 4.46%, respectively. According to the CME FedWatch Tool, the likelihood of a 25 basis-point rate cut by the Federal Reserve in September has dropped to 44.9% from 49.6% last week.

• The US Dollar Index (DXY) is around 104.50.
• 2-year and 10-year Treasury yields are at 4.94% and 4.46%, respectively.
• Rate cut probability in September decreased to 44.9%.

Upcoming speeches from Fed officials, including Michelle Bowman, Loretta Mester, and Neel Kashkari, are expected to provide further insights.

The weakening dollar and Treasury yields make Bitcoin an attractive alternative, potentially boosting its price as investors seek refuge in digital assets.

Bitcoin Price Prediction