{"id":416515,"date":"2024-08-21T20:00:32","date_gmt":"2024-08-21T14:30:32","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=416515"},"modified":"2024-08-21T15:56:46","modified_gmt":"2024-08-21T10:26:46","slug":"mt-gox-transfers-13k-bitcoin-will-this-sell-off-pull-btc-down-to-56k","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/mt-gox-transfers-13k-bitcoin-will-this-sell-off-pull-btc-down-to-56k\/","title":{"rendered":"Mt. Gox transfers 13K Bitcoin: Will this sell-off pull BTC down to $56K?"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\"><i><span style=\"font-weight: 400;\">Mt. Gox transferred 13,265 BTC as Bitcoin neared its 200 EMA.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\"><i><span style=\"font-weight: 400;\">Bitcoin&#8217;s 56% dominance led major markets since the 5th of August.<\/span><\/i><\/li>\n<\/ul>\n<p>Mt. Gox, once a top cryptocurrency exchange during <a href=\"https:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\/\" target=\"_blank\" rel=\"noopener\">Bitcoin&#8217;s [BTC]<\/a> early days, has continued its slew of transfers, recently moving 13,265 BTC worth $784 million.<br \/>\n<i><\/i><\/p>\n<p><span style=\"font-weight: 400;\">Of this, 12,000 BTC moved to a new address, and 1,265 BTC were deposited into a cold wallet, leaving 46,164 BTC, valued at $2.73 billion, still unmoved.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This movement by Mt. Gox could significantly influence future Bitcoin prices and chart patterns, especially as BTC&#8217;s current momentum slows.<\/span><\/p>\n<figure id=\"attachment_416524\" aria-describedby=\"caption-attachment-416524\" style=\"width: 1280px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/20240821_070211.jpg\"><img decoding=\"async\" class=\"wp-image-416524 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/20240821_070211.jpg\" alt=\"\" width=\"1280\" height=\"549\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/20240821_070211.jpg 1280w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/20240821_070211-300x129.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/20240821_070211-1024x439.jpg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/20240821_070211-768x329.jpg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/20240821_070211-1200x515.jpg 1200w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><\/a><figcaption id=\"caption-attachment-416524\" class=\"wp-caption-text\">Source: Arkham<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Following these developments, Bitcoin started trading near its daily 200 exponential moving average at press time \u2014 a key level at around $63,000 \u2014 which also aligns with its local highs.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The bulls need to break this level to signal a strong upward trend. If the price drops below $56,500, bears may regain control in the short term.\u00a0<\/span><\/p>\n<figure id=\"attachment_416526\" aria-describedby=\"caption-attachment-416526\" style=\"width: 1201px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/20240821_064110.jpg\"><img decoding=\"async\" class=\"wp-image-416526 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/20240821_064110.jpg\" alt=\"\" width=\"1201\" height=\"798\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/20240821_064110.jpg 1201w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/20240821_064110-300x199.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/20240821_064110-1024x680.jpg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/20240821_064110-768x510.jpg 768w\" sizes=\"(max-width: 1201px) 100vw, 1201px\" \/><\/a><figcaption id=\"caption-attachment-416526\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The overall expectation is for Bitcoin to break above the 200 EMA and maintain that position to confirm a sustained bullish trend.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">After Mt. Gox transferred 13,000 BTC to exchanges, Bitcoin began a small rally, but the king coin must close above the 200-day and 20-day EMAs or maintain a price over $60,000 to confirm strength.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The daily time frame RSI has already confirmed a possible breakout retest, and the eight-hour model shows price rallying.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Altcoins also held firm during yesterday\u2019s sell-off, indicating that Bitcoin and the broader crypto market are likely to rally in the coming months.<\/span><\/p>\n<figure id=\"attachment_416530\" aria-describedby=\"caption-attachment-416530\" style=\"width: 2144px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/20240821_1111342.jpg\"><img decoding=\"async\" class=\"wp-image-416530 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/20240821_1111342.jpg\" alt=\"\" width=\"2144\" height=\"1191\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/20240821_1111342.jpg 2144w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/20240821_1111342-300x167.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/20240821_1111342-1024x569.jpg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/20240821_1111342-768x427.jpg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/20240821_1111342-1536x853.jpg 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/20240821_1111342-2048x1138.jpg 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/20240821_1111342-1200x667.jpg 1200w\" sizes=\"(max-width: 2144px) 100vw, 2144px\" \/><\/a><figcaption id=\"caption-attachment-416530\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<h2><strong>Bitcoin dominance and markets correlation<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Bitcoin&#8217;s dominance in the market was growing, making up 56% of the total cryptocurrency market capitalization at press time.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This increasing dominance was supported by long-term holders who continued to accumulate Bitcoin, showing strong confidence in the asset&#8217;s future.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Despite market fluctuations, these holders remained committed, suggesting underlying accumulation pressure that could drive Bitcoin&#8217;s value higher.\u00a0<\/span><\/p>\n<figure id=\"attachment_416536\" aria-describedby=\"caption-attachment-416536\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/20240821_064237-scaled.jpg\"><img decoding=\"async\" class=\"wp-image-416536 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/20240821_064237-scaled.jpg\" alt=\"\" width=\"2560\" height=\"1474\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/20240821_064237-scaled.jpg 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/20240821_064237-300x173.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/20240821_064237-1024x590.jpg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/20240821_064237-768x442.jpg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/20240821_064237-1536x885.jpg 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/20240821_064237-2048x1180.jpg 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/20240821_064237-1200x691.jpg 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-416536\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">As Bitcoin maintains its leading position, its influence over the entire cryptocurrency market continues to strengthen.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Bitcoin, along with markets like Gold, Silver, Nasdaq, S&amp;P 500, and <a href=\"https:\/\/ambcrypto.com\/predictions\/ethereum-price-prediction\/\" target=\"_blank\" rel=\"noopener\">Ethereum [ETH]<\/a>, has been moving in sync since the early August downturn.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read\u00a0<a href=\"https:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\/\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Bitcoin\u2019s [BTC] Price Prediction<\/a>\u00a02024-25<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Bitcoin has outperformed them all, recovering strongly from its lows despite a significant drop. While stocks are now up for the month, cryptocurrencies, including Bitcoin, still have room to catch up.\u00a0<\/span><\/p>\n<figure id=\"attachment_416533\" aria-describedby=\"caption-attachment-416533\" style=\"width: 1238px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/20240821_065336.jpg\"><img decoding=\"async\" class=\"wp-image-416533 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/20240821_065336.jpg\" alt=\"\" width=\"1238\" height=\"798\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/20240821_065336.jpg 1238w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/20240821_065336-300x193.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/20240821_065336-1024x660.jpg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/20240821_065336-768x495.jpg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/20240821_065336-1200x774.jpg 1200w\" sizes=\"(max-width: 1238px) 100vw, 1238px\" \/><\/a><figcaption id=\"caption-attachment-416533\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The recovery in the crypto market has just begun, and it appears to have strong momentum, suggesting continued growth in the near future.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mt. Gox moves 13,265 BTC worth $784 million as market indicators show its instant impact.<\/p>\n","protected":false},"author":98,"featured_media":416573,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[6427],"class_list":["post-416515","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Mt. Gox transfers 13K Bitcoin: Will this sell-off pull BTC down to $56K? - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Mt. 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Gox moved 12,000 BTC to a new address, and 1,265 BTC were deposited into a cold wallet, leaving 46,164 BTC, valued at $2.73 billion.\u00a0","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ambcrypto.com\/mt-gox-transfers-13k-bitcoin-will-this-sell-off-pull-btc-down-to-56k\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ambcrypto.com\/mt-gox-transfers-13k-bitcoin-will-this-sell-off-pull-btc-down-to-56k\/#primaryimage","url":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/lennox-webp-17.webp","contentUrl":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/lennox-webp-17.webp","width":1792,"height":1024,"caption":"Mt. Gox transfers 13K Bitcoin: Will this sell-off pull BTC down to $56K?"},{"@type":"WebSite","@id":"https:\/\/ambcrypto.com\/#website","url":"https:\/\/ambcrypto.com\/","name":"AMBCrypto","description":"Stay Ahead!","publisher":{"@id":"https:\/\/ambcrypto.com\/#organization"},"alternateName":"AMBCrypto News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ambcrypto.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ambcrypto.com\/#organization","name":"AMBCrypto","alternateName":"AMBCrypto News","url":"https:\/\/ambcrypto.com\/","logo":{"@type":"ImageObject","@id":"https:\/\/ambcrypto.com\/#\/schema\/logo\/image\/","url":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/04\/amb-wide.jpg","width":600,"height":60,"caption":"AMBCrypto"},"image":{"@id":"https:\/\/ambcrypto.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/cryptoamb","https:\/\/x.com\/CryptoAmb","https:\/\/www.linkedin.com\/company\/13629485\/"]},{"@type":"Person","@id":"https:\/\/ambcrypto.com\/#\/schema\/person\/2e30c6eabb27ebd61e6b40e35e3bfdac","name":"Lennox Gitonga","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/11\/7742849e-53ec-4881-82d6-b96de68a0f13-100x100.jpg","url":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/11\/7742849e-53ec-4881-82d6-b96de68a0f13-100x100.jpg","contentUrl":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/11\/7742849e-53ec-4881-82d6-b96de68a0f13-100x100.jpg","caption":"Lennox Gitonga"},"description":"Lennox Gitonga is a Financial Market and On-Chain Analyst at AMBCrypto with a Bachelor of Commerce in Finance. 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