Bitcoin Cash

David Vance

Bitcoin

Arkham

Bitcoin Cash price dipped in value following the start of the Mt. Gox repayment program. Kraken, one of the Trustees, received 48,641 BTC from Mt. Gox and, shortly after, began disbursing the assets back to the victims. Kraken CEO David Ripley confirmed the successful distribution of the assets back to creditors from his exchange. Following this distribution, creditors started withdrawing their BCH and BTC from Kraken. Furthermore, Mt. Gox has transferred more BTC to the Bitstamp exchange, which could further influence market prices. As a result, BCH price is down 5% in the last 24 hours to $368.
<h2 id="bitcoin-cash-price-eyes-41-gain-upon-completion-of-key-structure">Bitcoin Cash Price Eyes 41% Gain Upon Completion of Key Structure</h2>
<figure id="attachment_209126" aria-describedby="caption-attachment-209126" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-209126" src="https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-24-at-07.57.40.jpeg" alt="Bitcoin Cash Price" width="1280" height="539" srcset="https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-24-at-07.57.40.jpeg 1280w, https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-24-at-07.57.40-300x126.jpeg 300w, https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-24-at-07.57.40-1224x515.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-24-at-07.57.40-768x323.jpeg 768w, https://coingape.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-24-at-07.57.40-150x63.jpeg 150w" sizes="(max-width: 1280px) 100vw, 1280px">
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 Bitcoin Cash Price Chart
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<a href="https://coingape.com/price/bitcoin-cash/" rel="noopener noreferrer nofollow">BCH price</a> action trended downward from its peak in mid-April, but recent price action indicates a potential reversal pattern may be forming. The price appears to be completing the right shoulder of the inverse head-and-shoulders pattern, suggesting a potential bullish reversal.
A break above the neckline ($395) may result in a further upside swing to the next major resistance around $529, a 41% surge from its current price.&nbsp;
On its way up, Bitcoin Cash’s price may find resistance around $395 (the neckline), which also coincides with the 50-day and 200-day EMAs. On the flip side, if bears prevail, decent support exists around $360 and $300, where the price has bounced off multiple times.
The relative strength index (<a href="https://coingape.com/glossary/rsi-relative-strength-index/" rel="noopener noreferrer nofollow">RSI</a>) is at 46.44 and just crossed below its 14-day simple moving average (<a href="https://coingape.com/education/simple-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">SMA</a>), indicating bullish momentum on BCH price action may be reducing. According to CoinGecko, BCH trading volume is down 19% in the last 24 hours, showing reduced buying interest among investors.&nbsp;
Nevertheless, there was a notable increase in volume on the formation of the right shoulder, which signals accumulation and a potential upcoming breakout.
Overall, the technical indicators suggest the price of BCH may break to the upside only if there is a positive and significant change in the BCH buy pressure.
<h2 id="b-mt-gox-creditors-cashing-out-bch-and-btc-good-sign-b">Mt. Gox Creditors Cashing Out BCH and BTC, Good Sign?</h2>
Mt. Gox recently began its repayment program for victims of a hack that happened years ago. The company will use five exchanges, including Kraken and Bitstamp, to reimburse its creditors as it is no longer in operation.
Reports from Kraken users on Reddit indicate the repayment is going well, as they have been able to withdraw their Bitcoin.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Mt. Gox Creditors Begin Withdrawing Owed Bitcoin And BCH Funds Via Kraken<a href="https://t.co/QhazM7gs6U" rel="noopener noreferrer nofollow">https://t.co/QhazM7gs6U</a><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> <a href="https://twitter.com/hashtag/News?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#News</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> <a href="https://twitter.com/hashtag/Bitcoinchart?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoinchart</a> <a href="https://twitter.com/hashtag/BitcoinNews?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BitcoinNews</a> <a href="https://twitter.com/hashtag/bitcoinprice?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#bitcoinprice</a> <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a> <a href="https://twitter.com/hashtag/BTCprice?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTCprice</a> <a href="https://twitter.com/hashtag/btcusd?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#btcusd</a> <a href="https://twitter.com/hashtag/btcusdprice?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#btcusdprice</a> <a href="https://twitter.com/hashtag/BTCUSDT?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTCUSDT</a> <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#crypto</a> <a href="https://twitter.com/hashtag/cryptonews?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#cryptonews</a> <a href="https://twitter.com/hashtag/Mt?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Mt</a>.Gox<a href="https://t.co/QhazM7gs6U" rel="noopener noreferrer nofollow">https://t.co/QhazM7gs6U</a>
 — Crypto Breaking News: Latest Crypto &amp; Bitcoin News (@CryptoBreakNews) <a href="https://twitter.com/CryptoBreakNews/status/1815873151840014828?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 23, 2024</a>
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This is a good sign for the general crypto market as it indicates accountability by Mt. Gox and Kraken.&nbsp;
<a rel="noopener noreferrer nofollow" href="https://x.com/theblockupdates/status/1815641347790922023">Arkham</a> said Bitstamp received 5110 BTC ($340.1 million) to 4 separate wallet addresses.&nbsp;
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 UPDATE: MT. GOX MOVING $2.85B BTC
 Mt. Gox moved a total of $2.85B BTC to new wallets this morning in order to distribute 5110 BTC ($340.1M) BTC to 4 separate Bitstamp addresses.
 Bitstamp is one of the 5 exchanges that the Mt. Gox Trustee is working with to return funds to Mt.… <a href="https://t.co/KsKuxMpvZS" rel="noopener noreferrer nofollow">pic.twitter.com/KsKuxMpvZS</a>
 — Arkham (@ArkhamIntel) <a href="https://twitter.com/ArkhamIntel/status/1815681016050147533?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 23, 2024</a>
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<h2 id="b-bottom-line-b">Bottom Line</h2>
The recent 5% decline in the price of BCH coincides with increased withdrawal activity from Mt. Gox creditors on the Kraken exchange. Nevertheless, the Bitcoin Cash price is aiming for higher targets, as a bullish market structure promises a 41% rally to $529.
The post <a href="https://coingape.com/markets/bitcoin-cash-price-slides-5-on-escalating-mt-gox-creditors-kraken-withdrawals/" rel="noopener noreferrer nofollow">Bitcoin Cash Price Slides 5% on Escalating Mt. Gox Creditors Kraken Withdrawals</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Bitcoin Cash Price Slides 5% on Escalating Mt. Gox Creditors Kraken Withdrawals

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