Bitcoin Dips to $61,300 as $623M in Longs Liquidate and Mt. Gox Moves Coins
Bitcoin fell to around $61,300 before recovering above $64,750, with CoinGlass data showing more than $740 million in positions liquidated over 24 hours. The drop coincided with fresh wallet movements from Mt. Gox, adding supply-overhang concerns to a market already testing the 200-week moving average.
Written by CoinArticle’s AI Newsroom · from 2 cited sources. How we work
Liquidations Drive the Drop
Bitcoin traded as low as about $61,300 in a selloff that liquidated more than $740 million in BTC positions over 24 hours, according to CoinGlass data cited by NewsBTC. Long positions accounted for the bulk of the losses, with more than $623 million in bullish bets closed as price fell.
Buyers then pushed the price back above $64,750, a recovery of more than 5% from the low. NewsBTC reported that the rebound coincided with news of an Israel-Lebanon ceasefire, though the source frames the liquidation wave as the primary driver of the price action.
Mt. Gox Wallet Movements Add Pressure
Bitcoinist reported that roughly 24,081 BTC remain in wallets tied to the defunct exchange Mt. Gox, and that those coins have begun moving again. Creditor repayment deadlines are pressing, and the transfers arrived during the same selloff window, raising concern that repayment-related distribution could add sell-side supply. The sources do not confirm whether any of the moved coins have been sold or sent to exchanges.
Technical Levels Split Analysts
The 200-week moving average, near $61,700, is the level most watched by the market. NewsBTC notes it has marked major bear-cycle bottoms since 2015 and previously held during the 2018 and March 2020 selloffs. Bitcoin is currently trading above that line but remains below the upper trend line of a weekly bear flag, and a breakdown would point to a possible move toward $50,000 to $52,000.
The sources disagree on the near-term read. Analyst ZordXBT pointed to a long lower wick as evidence of strong buying near the lows, and trader RidaaXBT called for a relief bounce toward $69,000 to $70,000. Trader Hitman42.eth warned that the bounce could draw in new longs before another decline. NewsBTC characterizes the bear flag as still in progress and says a sustained recovery above $70,000 would be needed to shift that picture.
Why It Matters
For Traders
The $61,700 200-week average is the level to watch, since a daily close below it would confirm the bear flag breakdown and could bring the $50,000 to $52,000 zone into view.
For Investors
Repeated Mt. Gox transfers add uncertainty about distribution supply during a period when Bitcoin is testing long-term support, a factor to track alongside the moving average.
For Builders
Heavy liquidation clusters across a single 24-hour window underline the importance of robust liquidation and margin handling in any derivatives-linked protocol.
This article is for information only and is not financial advice. Read the full disclaimer.
