Bitcoin whales plan to buy BTC higher as fresh Mt. Gox payouts add to market fear

Bitcoin (BTC), which is a cryptocurrency, did not show any signs of breaking through $60,000 resistance on Nov. 23, as the ghost of Mt. Gox has returned to haunt price action.

BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView

Mt. Gox is making waves with the payouts yet to come

Cointelegraph Markets Pro and TradingView data showed that BTC/USD was showing a reversal in progress. This had occurred after Monday’s local high of $59,500.

As the Mt. The media began covering the Gox rehabilitation process. It was originally published Nov. 16.

Nobuaki Kobayashi, trustee, announced that the plans were now “final and binding” with the assumption that the 141,000 BTC in custody would soon be distributed.

It states that the Rehabilitation Trustee will make repayments to rehabilitation creditors who have been granted rehabilitation claims under the Rehabilitation Plan.

“Rehabilitation creditors will be notified about the specific timing, procedures, as well as the amount of these repayments.”

The details of the Mt. While the details of the Mt.

The Crypto Fear & Greed Index shows that what was a “neutral” sentiment just a few days ago is now firmly in “fear territory. It measures 33/100 at the time.

Crypto Fear & Greed Index. Source: Alternative.me

For monthly moves, business as usual

Zooming out, Rekt Capital, a popular analyst and trader, noted that Bitcoin behaved perfectly reasonably over the monthly timeframes.

Related: $60K becomes resistance — 5 things you should be watching in Bitcoin this week

Following October’s record-breaking monthly close, a retest at the previous 2021 monthly support level will be conducted.

#BTC is still retesting this Monthly level as support Monthly retest is still intact, despite the downside volatility That said, it is worth repeating that BTC could still easily see-saw like this for the remainder of the month Monthly Close is key$BTC #Crypto #Bitcoin https://t.co/9ginJXUJXX pic.twitter.com/99oye5epLb
— Rekt Capital (@rektcapital) November 22, 2021

As with other downturns, large volume investors on the exchanges seemed to be trying to make new gains.

Charles Edwards, CEO at asset manager Capriole noted that buyer support levels have risen as Bitcoin continues to fall short of its targets.

He said that the Bitfinex whales were once more raising their bids and shared a chart showing $54,000 instead of $50,000.

BTC/USD chart annotated with support and resistance strengths. Source: Charles Edward

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