Bitcoin shows resilience, crossing the $92,000 mark despite recent BTC transfers from Mt. Gox, highlighting strong demand and institutional activity.
Impact of Mt. Gox Transfers on Bitcoin
The defunct Mt. Gox exchange, which collapsed after a hack in 2014, still influences the cryptocurrency market. The recent transfer of 12,000 BTC did not cause major price drops, as the repayment schedule has been extended to October 2025, allowing the market time to adjust.
Institutional Confidence: Metaplanet Expands Holdings
Tokyo-based Metaplanet increased its Bitcoin reserves by 497 BTC, bringing the total to 2,888 BTC. The company plans to expand its holdings to 10,000 BTC by 2025 and 21,000 BTC by 2026, following MicroStrategy's strategy.
Bitcoin (BTC/USD) Technical Analysis – March 6, 2025
Bitcoin is currently priced at $91,337, reflecting a 4.67% daily increase. The bullish trend indicates ongoing buying, with the support level at $89,998 being key. A breakout above $94,381 could lead to further gains to $96,999 and $99,543.
Bitcoin's resilience in the face of Mt. Gox transfers underscores its robust demand and institutional confidence. The extended repayment schedule reduces short-term selling pressure, maintaining levels above $92,000 and paving the way for further growth prospects.
