As the world wakes up to another day, BTC has taken another dip, losing 3% of its value in the past 24 hours, according to data from coinmarketcap. com, while il Capo, one of the most recognizable names in the field of cryptocurrency analysis, has weighed in on the current market standing. It did this while his insights clarify future expectations for the investors.
In the recent past, il Capo summarized that $67 000 was an essential support level on X. He observed that, at this level, there is what he termed as demand-pull accumulation. This kind of support he concludes may well be maintained; implying that the upward trend could go on as anticipated in his primary scenario.
They also got an idea about the negative side of the scenario from il Capo who identified that there may be a downside risk ahead. If that support level of $67,000 is broken, then the price will come to the next support area of $ 65,000. This outlook could bring further declines which would make it significant level for the traders to look at keenly.
Besides discussing the price actions, il Capo tackled another important issue, which is the BTC transfers of Mt. Gox exchange. In the view of the analyst,the officials of the exchange are running Bitcoins so that they can refund the customers. Although the analyzing of process presented some approvals and progress, it is possible to expect that it will take until October of 2024. Hence, il Capo will point out that there is no reason for alarms to be raised at this instance.
For instance, the Mt. Gox, which was a popular trading platform for virtual currencies, was hacked a while back to make off with users’ Bitcoins. Back then, Bitcoin was very young and people first started hearing about it; the hack was a massive kick to the cryptocurrency market. Most could foresee the possibility of Bitcoin stalling.
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