Bitcoin loses 5%📉

Bitcoin defends $57,000 level as Mt.Gox repayment fears rise📌

Bitcoin is losing today more than 5% with a price dropping to $57,000 level. As for now, Bitcoin price is almost 10% below the current Short-Term Holder's Realised Price, signalling some pain among the short term Bitcoin investors (addresses holding BTC for less than 6 months). Yesterday, US spot ETFs recorded net outflows of $20 million, but both buying and selling activity among spot ETFs is much lower than in the first half of the year.

• More than 141k Bitcoins worth almost $9.4 billion are owed to approximately 127,000 Mt. Gox creditors who have been waiting for over 10 years to recover funds, with on average almost 10.000% unrealized profits since 2014 exchange hack;
• Now, when liquidity on Bitcoin market is lower (during summer), Mt.Gox informed that it will start to repay creditors, potentially affecting Bitcoin price, when selling Bitcoins. Almost 4.5h ago, Mt.Gox tested BTC wallet with first transaction, fuelling market fears that the wallet will start to selling BTC in days from now or even today
• After last Bitcoin halving, affecting Bitcoin mining profitability, also Bitcoin miners are selling Bitcoin ($150 million since Monday to Wednesday on centralized exchanges). 

BITCOIN price is today falling below a key support zone at $58,000 where we can see SMA200 (red line). This level is now the main short-term resistance zone.

Source: xStation5

Source: XTB Research, Bloomberg Finance L.P.