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Summary

Bitcoin faces selling pressure as it drops below $59K amid bearish sentiment, triggered by Mt. Gox’s creditor repayment announcement.

Introduction

The recent drop in Bitcoin price, hitting an eight-week low of $58,601.70, has stirred up anxiety among investors due to increased selling pressure and a bearish market sentiment. The announcement by Mt. Gox regarding creditor repayment further fueled negative reactions in the market.

Main Points

The bears have caused a 3% decline in Bitcoin in the past day, reaching a Fear Index of 30 and a daily RSI of 29. Despite the pessimistic outlook, some technical indicators suggest the possibility of a bullish rebound. Analysts point to the Bitcoin MVRV Ratio dipping below -8.40% and the TD Sequential signaling a potential price jump in the near future. Short-term holders’ spent output profit ratio metric also indicates a trend reversal favoring bull rally.

Conclusion

For Bitcoin bulls, maintaining momentum is crucial as the price approaches key resistance levels at $66,477 and $68,468. However, further bearish pressure could drive the price down to $56,569. The market remains uncertain, with indicators suggesting a potential bullish turnaround amidst current selling pressure.

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