Key facts
- Bitcoin price fell below $69,000.
- Mt. Gox-linked wallets moved 10,300 BTC on June 2.
- This is the largest Mt. Gox-related on-chain event in over 1.5 years.
- Bitcoin broke below the $72,000–$74,000 support zone.
- Ascending channel support line is being tested.
- Rising Bitcoin reserves observed on Binance and Bitfinex.
Bitcoin is trading around $69,316, having fallen nearly 5% on the day and breaking below the critical $72,000–$74,000 support zone. This price action occurs as Mt. Gox-linked wallets moved 10,300 BTC on June 2, the largest such outflow in over 1.5 years. This event, coupled with increasing Bitcoin reserves on major exchanges like Binance (around 655,000 BTC) and Bitfinex (up by approximately 9,000 BTC), presents supply-side concerns. Technically, Bitcoin is testing the lower boundary of an ascending channel structure formed since February. Analysts warn this setup could be a trap for bullish traders, with potential for a breakdown to $54,000-$58,000 if support fails, or a bounce to $79,000 if it holds.