Bitcoin’s recent dip below the $65,000 mark for the first time in six days has been a topic of concern among traders. Despite widespread speculation that this price drop might be due to Mt. Gox creditors selling off their Bitcoin holdings, analysts suggest otherwise.
Ki Young Ju, the founder of CryptoQuant, reassures that the anticipated immediate sell-off from Mt. Gox creditors didn’t happen. Instead, Ju attributes the price decline to changes in market sentiment and seasonal trends. “The instant dump you worried about didn’t occur. Any price drop would be likely due to market sentiment, not Mt. Gox selling,” he wrote on X.
Crypto trader “Roman” shares a similar view, arguing that the decline is more a correction following a temporary spike due to news surrounding former President Donald Trump’s assassination attempt. Roman believes the market’s reaction was driven by news rather than actual sell-offs.
In the broader context, several factors may be contributing to Bitcoin’s price behavior. Analysts point to seasonal trends, the recent launch of the Ether ETF, and political events as potential influences. Timothy Peterson of Cane Island Alternative Advisors notes a historical trend of weaker performance from July to September. Meanwhile, Charles Edwards of Capriole Investments suggests the recent Ether ETF launch might be impacting overall market sentiment.
Currently, Bitcoin is trading at approximately $64,247, representing a 2.5% drop over the past 24 hours. Despite the current bearish trend, Bitcoin has seen a 5.41% increase over the last 30 days. Traders are keeping a close eye on whether this price fluctuation will lead to further declines or if Bitcoin will stabilize and find new support levels.
