• BTC falls to its lowest levels since late February and breaches key price supports.
  • On Friday morning, the defunct Mt. Gox transferred 47,228 from cold storage to a new location.

BTC Price Index and Live Chart – CoinDesk”>(BTC) slid for a fourth day as defunct exchange Mt. Gox may have moved large amounts of BTC into a new wallet to prepare for creditors’ repayments.

According to TradingView and CoinDesk, the leading cryptocurrency in terms of market value has fallen over 4% since February 26.

Mt. According to Arkham Intelligence, Gox moved 47,228 BTC (about $2.65 billion) out of cold storage and into a new wallet. The exchange will soon begin distributing assets that were stolen by clients during a 2014 hack.

Last month, the impending repayments were announced. They include 140,000 BTC (7.73 billion dollars), 143,000 BCH and Japanese yen. Since then traders have worried that creditors, who have patiently been waiting for reimbursements for over a decade, will sell immediately upon receiving coins. This would create mass selling pressure on the market. BTC was worth about $600 in 2014 when the exchange was compromised. Today, it’s worth more than $55,000.

has recently tried to calm nerves , by saying that the potential sales pressure from reimbursements will be limited. But to no avail. BTC is down 10% in 7 days and 22% over 4 weeks.

The massive sell-off turned the horizontal support at $56,500, which stems from May’s lows, into resistance. The bears also have a foothold under the 200-day SMA, and the bull trendline.

BTC’s chart for the day. (TradingView/CoinDesk) (TradingView/CoinDesk)

Shaurya malwa is the editor.