Bitcoin Weekly Forecast: BTC sinks under $55,000 as Mt Gox prepares payment to creditors


  • Mt Gox moved 47,228 BTC valued at $2.71 billion on Friday. 
  • On-chain data shows miners' selling activity is increasing, signaling bearish momentum.
  • German government continues moving Bitcoin to exchanges.

 

Bitcoin (BTC) price is having its worst week of the year, influenced by selling activity among BTC miners and heavy transfers of Bitcoins to exchanges by Mt Gox and the German Government. Technical indicators hint that BTC may undergo a further 7% decline to retest the $52,000 level.

 

Mt Gox moves 47,228 BTC valued at $2.71 billion

 

On June 24, Mt.Gox, the defunct cryptocurrency exchange embroiled in a 2014 exploitation, announced plans via Twitter to begin repaying creditors in July for losses totaling nearly $9 billion in Bitcoin and Bitcoin Cash. 

 

Mt.Gox transferred 47,228 BTC valued at $2.71 billion from cold storage to a new wallet on Friday, according to Arkham Intelligence. Additionally, the defunct exchange moved 2,702 BTC worth $148.44 million to Bitbank, an exchange supporting the repayments. This activity potentially fueled FUD (Fear, Uncertainty, Doubt), contributing to Bitcoin's 5% price decline on Friday.

 

Bitcoin miners selling pressure the highest since late May

 

Bitcoin miners have been sending an average of 8,280.8 BTC per day to exchanges this week, with Thursday seeing the highest single-day outflow of 11,412 BTC since late May, according to CryptoQuant's Bitcoin Miner to Exchange Flow data.

 

The movement of funds to exchanges suggests miners may seek to cover expenses or capitalize on perceived overvaluation, contributing to selling pressure and implying a potential bearish outlook for Bitcoin's price.

Bitcoin Miner to Exchange Flow (Total) chart

Bitcoin Miner to Exchange Flow (Total) chart

German Government continues moving Bitcoins to exchanges

 

Arkham Intelligence said the German Government transferred 3,000 BTC valued at $175 million from its wallet on Thursday. Of this amount, 1,300 BTC worth $76 million were sent to Coinbase, Bitstamp, and Kraken. In comparison, the remaining 1,700 BTC worth $99 million are likely being moved to a deposit for institutional services or over-the-counter (OTC) transactions.

 

Throughout the week, German authorities have transferred 2,344.61 BTC valued at $141.1 million to Coinbase, Bitstamp, Flow Traders, and Kraken. This substantial movement has potentially heightened FUD among traders, contributing to Bitcoin's more than 12% price decline this week.

Tron founder Justin Sun disclosed his readiness on X to negotiate with the German Government to acquire their remaining BTC off-market, aiming to mitigate any adverse market impact.

Sun, a prominent figure in the cryptocurrency realm, reportedly manages over $1 billion in crypto assets, per Arkham Intelligence. In contrast, the German Government holds approximately 42,274 BTC, valued at around $2.29 billion.

 

Bitcoin momentum favors bears

Bitcoin's price encountered resistance at the daily level of $63,956 on Monday, resulting in a 9.2% decline over the next three days. By Thursday's close, it had fallen below the weekly support of $58,375. At the time of writing on Friday, it trades around $54,500, reflecting a further decrease of 4.7% from the previous day's level.

 

If BTC's price closes below its May 1 low of $56,522, it could decline 7.3% to revisit its daily support at $52,266.

 

The Relative Strength Index (RSI) and the Awesome Oscillator (AO) on the daily chart support this bearish thesis, as both indicators are below their respective neutral levels of 50 and zero. This suggests continued momentum favoring bears, potentially leading to a further decline in the Bitcoin price. 

BTC/USDT daily chart

BTC/USDT daily chart

 

However, if BTC closes above the $63,956 daily resistance level and forms a higher high in the daily time frame, it could indicate that bullish sentiment could make a comeback. Such a development could trigger a 5% rise in Bitcoin's price to revisit its next weekly resistance at $67,147.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

MANTRA Price Forecast: OM launches MANTRA Ecosystem Fund to boost RWA innovation and growth

MANTRA Price Forecast: OM launches MANTRA Ecosystem Fund to boost RWA innovation and growth

MANTRA (OM) price hovers around $6.24 on Wednesday after rallying almost 9% so far this week. On Monday, the MANTRA chain launched the MANTRA Ecosystem Fund (MEF) with over $108 million to drive innovation and growth in Real-World Asset (RWA) tokenization.

More MANTRA News
XRP sell-off continues under $2 as XXRP ETF flexes $5M volume on day one

XRP sell-off continues under $2 as XXRP ETF flexes $5M volume on day one

XRP struggles to stay afloat, with key support levels crumbling due to volatility from macroeconomic factors, including United States President Donald Trump's reciprocal tariffs kicking in on Wednesday.

More Ripple News
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bears target $73,000 BTC, $1,300 ETH, and $1.30 XRP 

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bears target $73,000 BTC, $1,300 ETH, and $1.30 XRP 

Bitcoin (BTC) price hovers around $76,200 on Wednesday after falling 3.59% the previous day. Ethereum (ETH) and Ripple (XRP) followed BTC’s footsteps and continued their downward trend. The technical outlook suggests a correction, targeting $73,000 BTC, $1,300 ETH, and $1.30 XRP.

More Cryptocurrencies News
Elon Musk tags Milton Friedman as three Forbes Billionaires ask Trump to end Trade War

Elon Musk tags Milton Friedman as three Forbes Billionaires ask Trump to end Trade War

Tesla CEO, and Department of Government Efficiency lead, Elon Musk takes a stand against Trump’s tariffs positive a viral Milton Friedman video on X. Meanwhile other top Wall street  billionaires have also launched media campaigns to avert the looming US trade war.  

More Cryptocurrencies News
Bitcoin Weekly Forecast: Tariff ‘Liberation Day’ sparks liquidation in crypto market

Bitcoin Weekly Forecast: Tariff ‘Liberation Day’ sparks liquidation in crypto market

Bitcoin (BTC) price remains under selling pressure and trades near $84,000 when writing on Friday after a rejection from a key resistance level earlier this week.

Read full analysis
The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

Read More

BTC

ETH

XRP