Can dip buyers lift Bitcoin after Mt. Gox moves $730M BTC?

Collapsed crypto exchange Mt. Gox moved 10,306 BTC worth $730.78 million into a new wallet, likely its own. This marks the first major BTC transfer in 2 months, according to Arkham data.   Equally, it's a significant token transfer by Mt Gox as the October deadline to complete creditor refunds nears.  At the same time, 116.3 BTC, worth $8.2 million, returned to the Mt Gox hot wallet, as change. In the past, such transfers by Mt. Gox have preceded distributions to creditors.  However, for now, none of the assets have been deposited into exchanges or custody providers. Even after the token movement, the Mt. Gox main wallet still holds 34.5k BTC worth $2.39 billion. Bitcoin is on a steep slide, but demand holds Mt. Gox's latest token transfers occur amid a strong market-wide downturn, although neutral in itself. In fact, Bitcoin extended its bearish streak, breached $70k support, and fell to a 7-week low of $69,277. As of this writing, Bitcoin [BTC] traded at $69,406, down 4.5% on the daily charts. In a major twist, however, this market drop has created an ideal opportunity to accumulate at a discount. Over the past three days, demand for BTC has recovered significantly amid this drop. As such, $4.45 billion worth of BTC has flowed out of exchanges. On shorter timeframes, $2.84 billion left exchanges, signaling strong buying activity in the market. Such elevated outflows suggest that investors now perceive BTC as cheap enough to reenter the market. Historically, Bitcoin has tended to recover on the price charts once buyers aggressively buy the dip. Can dip buyers lift BTC? Although dip buyers have returned to the market with strength, Bitcoin's structure remains extremely weakened. In fact, the Bitcoin Momentum Index Bias indicated that short-term market momentum turned bearish. As a result, momentum continues to decline, and sellers currently have the upper hand in the market. Thus, the demand observed over the past three days has yet to fully absorb the overall market pressure, leaving it somewhat inadequate. On top of that, Bitcoin fell below the MACD SMAs, which are currently stuck between $74k and $77k, further confirming trend strength. These indicators suggest that, although buyers have tried, their demand is insufficient to trigger a trend reversal. Therefore, the market could see further losses, with $65k as the next support level. However, if buyers hold on and boost existing bullish pressure, Bitcoin could reclaim $70k and target $74k. Final Summary Mt Gox moved 10,306 BTC worth $730.78 million into a new wallet after 2 months, as the October deadline nears.  Bitcoin [BTC] market structure remains extremely weakened despite the increased dip buying.