Bitcoin Retreats Below $80,000 Amid Mt. Gox Fund Movements and Technical Pressure
Bitcoin (BTC) is currently trading around $79,000, down over 3% in the past 24 hours as the leading cryptocurrency continues to retreat from recent highs. The price action follows a significant decline that saw BTC/USD briefly touch $76,500 earlier this week, representing a four-month low and erasing gains made following the November 2024 U.S. presidential election.
Mt. Gox Makes Second $900M+ Bitcoin Transfer in One Week
Major Bitcoin moves from collapsed bitcoin exchange Mt. Gox correlate with the market volatility. Mt. Gox made the second major transfer in one week on March 11, moving around 11,833 BTC valued over $930 million. Based on data from Arkham Intelligence, blockchain analytics company Lookonchain claims 11, 501 BTC ($905.1 million) were transferred to a new wallet and the remaining 332 BTC ($26.1 million) were transmitted to a warm wallet maybe to help with creditor repayments.
Following a similar movement of 12,000 BTC (worth roughly $1 billion) on March 6, this most recent transfer reportedly went to BitGo, a custodian handling Mt. Gox’s creditor repayments. $15 million of those assets were reported remitted to them.
Given Mt. Gox’s ongoing offloading of its Bitcoin reserves, the timing of these transfers is interesting. With just 24,411 BTC (value $1.94 billion) left in its main wallets, the exchange has traded around $9.2 billion worth of Bitcoin since starting dividends in June 2024. Mt. Gox now has October 31, 2025 as its deadline for fully repaying creditors.
Bitcoin Mining Firm CleanSpark Joins S&P SmallCap 600 Index
Instititutional interest in the Bitcoin ecosystem keeps rising even with the present market drop. Set to enter the S&P SmallCap 600 Index on March 24, CleanSpark is a bitcoin mining startup whose steady profitability even during industry issues following the April 2024 halved event highlights.
With profits rising to $241.7 million ($0.85 per share) in the last quarter of 2024, up from just $25.9 million a year earlier, CleanSpark has shown amazing financial performance. Now holding 11,177 BTC, the corporation has also raised its Bitcoin holdings by 6% in February, ranking among the top five publicly traded companies by Bitcoin ownership.
BTC/USD Technical Analysis: Key Support and Resistance Levels
Bitcoin’s price action suggests continued bearish pressure in the short term. After reaching nearly $94,000 last week, Bitcoin has formed a bearish trend line on the hourly chart, with significant resistance around $82,000-$82,200. The cryptocurrency is currently trading below both the $80,000 psychological level and the 100-hour Simple Moving Average, indicating sustained selling pressure.
Key resistance levels to watch include:
- $80,200 (immediate resistance)
- $82,000 (key resistance with bearish trend line)
- $84,000 (50% Fibonacci retracement level from $91,060 high to $76,818 low)
- $85,500 (secondary resistance if $84,000 breaks)
On the downside, Bitcoin faces support at:
- $77,200 (immediate support)
- $76,500 (major support level that was recently tested)
- $75,000 (psychological support)
- $72,000-$70,000 (critical support zone)
The key question for Bitcoin investors now is whether the current price action represents a temporary correction within a long-term bull cycle or the beginning of a more sustained decline. Technical indicators show mixed signals, with the hourly MACD losing bearish momentum while the RSI remains below the 50 level, suggesting continued but potentially weakening selling pressure.
Renowned trader Arthur Hayes has advised investors to “be f**king patient,” predicting Bitcoin could bottom around the $70,000 level before resuming its upward trajectory.
Bitcoin Price Prediction: Analysts Project $180,000 Target by 2026
Though short-term price activity points to further volatility, some analysts have a positive long-term view. Contributor Ibrahim Cosar of CryptoQuant has repeated his estimate that Bitcoin might reach $180,000 by 2026, implying that present pricing levels could provide investors with a chance to maybe see over 100% returns over the next two years.
The 7-day change in open interest has reached a “deleveraging” phase, another CryptoQuant analyst Bilal Huseynov writes, a signal that has historically matched purchasing prospects. The last such event occurred in August 2024 when Bitcoin traded between $58,000 and $60,000 before rebounding to its all-time high of $106,000.
Many Bitcoin miners are expanding their business models toward artificial intelligence applications or seeking mergers and acquisitions to save costs and boost efficiency as they still feel pressure from the April 2024 halving. As the larger Bitcoin ecosystem negotiates the current market correction, this industrial adaptation could give more solidity to it.
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