Crypto analyst Crypto Jelle has observed that Bitcoin is holding a strong bullish flag pattern despite a wave of massive BTC transfers from the now-defunct Mt. Gox exchange.
Mt. Gox transferred around 141,000 BTC (worth $9 billion) to an unknown wallet address, which is seen as an encouraging sign that Mt. Gox creditors may eventually get their funds back.
The large-scale transfers led to a brief 2% dip in Bitcoin’s price to around $67,500, but it has since recovered back above $68,000.
Crypto Jelle noted that Bitcoin’s price action remains rangebound, but if it can break above $70,000 again, it will turn strongly bullish.
Despite the overall bearish momentum in the crypto market, Crypto Jelle believes a strong recovery for Bitcoin is still anticipated soon.
Before the Mt. Gox transfers, Bitcoin was trading around $70,580, but is now at $67,581, a 0.33% decline in the last 24 hours.
In summary, the massive Mt. Gox BTC transfers have not significantly impacted Bitcoin’s bullish technical structure, with analysts still optimistic about a potential breakout above $70,000 in the near future.
Source: BITCOINST
