Bitcoin Price Crash: Mt. Gox BTC Transfers Fuel Bearish Sentiment

Bitcoin Price Prediction: Why Is Bitcoin Falling & What’s Next for BTC

Bitcoin Dips Below $77K – What’s Driving the Decline?

Bitcoin (BTC) is heading lower as it breaks below $77,000 for the first time since Nov. 10. Currently, the cryptocurrency market is down 4.23% with a total market cap of $2.58 trillion. Over $938.27 million worth of traders—331,464 of them, to be exact—have been liquidated in the past 24 hours due to this correction.

Adding to the market's anxiety, the long-defunct Mt. Gox exchange recently moved 11,833 BTC, worth approximately $932 million. These large transfers often spark fears of sell-offs, further fueling bearish sentiment.

Liquidations Soar as Bitcoin Faces Selling Pressure

Bitcoin (BTC) is undergoing a market correction, with significant liquidations causing volatility. As per Coinglass, The market witnessed the largest single liquidation order on Bybit’s BTCUSD pair, valued at $5.26 million. The aggressive liquidations suggest that leveraged traders are getting squeezed out as BTC remains under pressure.

Mt. Gox Bitcoin Transfers Stir Market Concerns

Mt. Gox moved 11,834 BTC on Monday, valued at $910 million, with 11,502 BTC ($885 million) sent to a new wallet and 332 BTC ($25.5 million) to a “warm” wallet — one typically for active transactions. Such transactions could be a preparation for distribution to creditors, which has raised concerns that it could result in increased Bitcoin supply hitting the market.

Interestingly, blockchain analytics firm Arkham Intelligence did not initially recognize the wallet as linked to Mt. Gox when the first $1.07 billion BTC transfer occurred last week. The uncertainty surrounding these movements has contributed to market volatility.

Social Media Sentiment and Market Fear

Social media conversations around BTC are from a fear-centric perspective, with mentions of sub-$70K levels at their highest since the crash on February 27, according to Santiment. As Coingabbar analysts seem, traditionally, panic signals precede a strong buy opportunity — but analysts caution that the real capitulation will come when estimates consistently place BTC prices in the $50,000–$69,000 band, with little mention of a return to $100,000 or more.

BTC Price Prediction: Key Levels to Watch

According to Bitcoin's recent price action, $80,000 is still a critical technically as well as psychological support level.  The bullish trend might continue if Bitcoin holds this level.  If it fails to hold, however, $69,000 is the next significant support and may ultimately become the next point of resistance for bulls and bears.

Expert Insights on Bitcoin’s Next Move

Prominent crypto analyst Ali Martinez suggests that Bitcoin is holding above a critical support trendline. If BTC remains above this trendline, the uptrend could continue.

Meanwhile, long positions on Bitfinex have surged by 21% as traders buy the dip, indicating bullish sentiment among high-stakes investors.

Will Bitcoin Recover? The Road to $100K

Despite the recent correction, Bitcoin remains up significantly over the past year. If BTC can hold above key support levels and regain momentum, the road to $100K remains a strong possibility. However, if selling pressure persists, a deeper correction toward $69K or lower could be in play.

Buy the Dip or Brace for More Losses?

With heightened fear and uncertainty in the market, Bitcoin’s next move will be critical. Traders and investors should monitor key levels and market sentiment closely. If BTC stabilizes above $80K, the bull run may continue. Otherwise, further downside could be ahead before a potential rebound.