News of selling and BTC dump like there is no tomorrow will soon abate so we just have sit painfully again and wait
Bitcoin price is already haggard in maintaining its flat action against the "Bears" lately like its value would soon capitulate for the shock of common investors particularly those ones which are just new in this type of niche market, but it is still holding strong. There is a very bog fight happening on the price of BTC because apparently it cannot go past the 73K point because of short-sellers and other sophisticated traders which are taking advantage of this inevitable BTC run-up to its predicted price of more than 100K or even higher if the perfect storm is achieved i.e. more big entities adopting Bitcoin as part of their portfolio plus nation states using BTC as a legal tender in tandem with bigger banks in many countries accepting Bitcoin and other cryptocurrencies as digital assets to the point that they too will have their own exchanges like what is happening here in my country where digital banks gets more popular because of the said features for their banking and transacting system aimed for improvement and convenience for their customer's needs unlike from traditional banking where a customer just deposits and withdraws money from their banks physically. But due to our modern financial technologies as being spearheaded by cryptocurrencies or digital assets, banks in particular must cope because the Pandora's box for transferring and storing wealth for everybody's benefit has been already opened and it is truly "high time" already to use cryptocurrencies like Bitcoin for its store of value and hedge against inflation plus other digital assets which also offers other use cases which helps people in many ways more than a financial gain.
As I had already stated from my past blogs, these price action of BTC in short-term perspective are just "noises" because almost everyday if not weekly, there are news, events, and other factors that nudges the price movement of Bitcoin like what is happening lately after the halving where miners are said to be flooding the market of their minted Bitcoin to cope with their own problems of maintaining to mine BTC itself because what they are mining in the past before this recent Bitcoin halving happened last April this year of 2024, they are not getting half of what they are mining. Their liability of maintaining their business of mining BTC is made more hard or complicated because of the cost of electricity which is made worse because of Inflation. The inflation factor itself is one big unbeatable monster by itself to deal with because as far as I know, it will never get better for us all but instead it will get worse and now being made worse by the ongoing war against Putin's madness for invading Ukraine for the reason that USA and its allies in NATO has been burdened in supplying Ukraine with things that UA needs to deal with Putin's war effort. These aides of armament and possibly other needs by soldiers for their needs in battle are not free, the money that USA government to make and donate to Ukraine is made out of borrowed money from the Federal reserve bank through USA's treasury department and those dollars are just printed without any backing and this oversupplying the world with extra dollars like there is no tomorrow and guess what, it causes inflation which is the reason why everything is so expensive it seems but in fact it is just the value of our FIAT currency's purchasing power that is diminishing. Also the bad thing about it other than things that we buy getting expensive, "our" wages or worker's salaries are also not able to keep up with adjustment for inflation. That is why if a household has only a limited way of earning money, they will feel more of the hardships brought about by inflation alone.
The Mt. Gox Dump rumor
I am not aware on how many Bitcoins that the custodian of recovered BTC from Mt. Gox era holds when it will finally distribute it to its owners (customers of Mt. Gox website) as it looms to happen possibly either this week or the coming weeks, but it is important for us to realize that the said thousands of its owners unknowingly HODLED it in their favor by being caught up with the Mount GOX fiasco after it was hacked where most probably most of them had already used it for their interests long before BTC went up to 50 dollars or lower in its value where all of them most probably had Bitcoin for just cents to maybe less than a dollar or five dollars, so it is just a blessing in disguise but if they receive it in the from of BTC and not in cash at that point in time when BTC is just a few dollars in value. That is why these past customers of Mt. Gox is in a very high profit even if BTC crashes into a tenth of its current price which of course will not happen except if world war 3 happens, then only food will only be precious at that time. Anyway, because of high profit, the customers of Mt. Gox will most probably sell some of their Bitcoins in the market of it so happens that they aren't able to kill themselves in the first place following that horridly nostalgic MT. Gox hack especially following the succeeding face-melting rise value of BTC from the past few years after that hack. My personal opinion on that is that many of these customers will just keep some of their long-awaited BTC but because there are so many of them holding after the distribution of the said BTC bags, it will of course impact the value of BTC somewhat and I am weirdly afraid that it will cause more depressive downward action for BTC where only those that have money to buy back cheaper will be the only ones that can really benefit for this upcoming "hiccup" in the history of the price of BTC. So for how much deep the price of Bitcoin will go because of it is of course is uncertain but I am more than confident enough that BTC will recover because of the ETF factor in counter-pressuring the downward trend which is why BTC's price movement is generally flat for the last few months and not giving way from the pull of the "Bears".
There is really a force of balance of sellers and buyers for BTC which in this particular moment from the last three months, the prices are being bent downward and the pressure is more pronounced in the Altcoin side of the market where they just lost value back near in the "mean" price points after that good run-up which happened in the month of March. Again it is so happened that everytime that these things happens to the price of altcoins, most traders do not have more means of buying them from these cheaper prices and it does suck when it happens because we are forced to wait again for another run and for all we know it will happen again because maybe the greedy side of us is always at play considering that we are always moved by our emotions too which should not be the case if we are trading cryptos or else it will break us one way or another to finally face serious financial losses. The recent selling of one big German bank with its confiscated BTC holdings which came from a certain criminal also rocked the BTC market a few days ago and I do not have the idea on why such decision was made considering that BTC is already proven to be a store of value which I guess that the authorities of that bank in Germany doesn't give a rat's ass about. For me it is just weird that they are selling it considering that the value of BTC is ready for its push to its final action of its current cycle. My guess is as good as yours on why this bank in Germany sold some of their confiscated Bitcoins it just shows that they value FIAT money which losses its purchasing power over time than BTC which is already proven its worth to be the number one best performing asset of all time.
Upvoted! Thank you for supporting witness @jswit.