Bitcoin price is back in the $80,000-$85,000 range amid positive developments in international relations and U.S. crypto policy.

However, it remains much below its ATH ($109,000) achieved only this year, and also levels seen just before Trump’s inauguration.

Bitcoin’s price fell to $76,800 on March 11 as Mt. Gox moved thousands of BTC, raising market concerns.

The defunct exchange transferred 11,833 BTC, with most going to a new wallet and some to a warm wallet.

These movements coincided with a sharp market drop, triggering fears of increased selling pressure.

Mt. Gox Moves 11,833 BTC Amid Market Downturn

Mt. Gox transferred 11,833 BTC in two separate transactions, raising speculation about future repayments and market impact.

The 11,501 Bitcoins were deposited at a fresh wallet and the 332 Bitcoins went to an existing wallet filled with funds.

The transfers took place after a 12,000 BTC transaction on March 6 which was divided between payments to BitGo for creditor distributions.

Recent bitcoin transactions indicate that creditor repayment processes are likely closing in which generates additional market unknowns.

Fund transfers to warm wallets signal that Mt. Gox prepares to distribute payments to its former customers.

Traders fear increased Bitcoin supply, which could exert downward pressure on the already struggling market.

Market analysts remain divided on the impact of these transactions on Bitcoin’s price action.

Market analysts disagree about whether repayments will result in higher market instability since some view them as essential steps.

Market observers stay uncertain about the distribution schedule since it keeps generating predictions.

Bitcoin on Slow Ascent After Falling Below Key Support Levels

Bitcoin’s price plummeted to a four-month low of $76,800 before rebounding to $81,500, according to CoinMarketCap.

The recent price drop crossed below $83,454 the 200-day Simple Moving Average which indicates a potential trending transformation.

The bearish market scared investors when Bitcoin failed to support its previous position at $83,454.

A decline in momentum becomes evident through Moving Average Convergence Divergence (MACD) signals that demonstrate growing negative bars in the histogram.

The present downward momentum might continue unless a powerful buying interest emerges to change it.

Experts show that an upward turn of the Moving Average Convergence Divergence (MACD) is essential for an upward market shift.

Note that if the downward pressure resurfaces, it could push Bitcoin to test the next major support at $66,000.

Ukraine agreed to a ceasefire with Russia as U.S. lifted its recent freeze on military aid.

Additionally, Senator Cynthia Lummis introduced the Bitcoin Act (Final) which will permit the U.S. government to accumulate 1 million BTC over the next five years.

These positive political and industry developments seem to have taken some of the heat off of Bitcoin, for now.

Trump’s trade wars and inflation fears in the U.S. remain significant and cannot be factored out of global market volatility yet.

Market Analysts Weigh in on BTC Volatility

On-chain analyst Ali Martinez reminded traders that the third year of a Bitcoin bull cycle often brings heightened volatility.

Previous market data reveals that such price swings typically occur before major price surges.

Long-term investors may use the current dip to accumulate more Bitcoin.

BitMEX co-founder Arthur Hayes observed that strong market fluctuations characteristically occur during bull market conditions.

He projected that Bitcoin could drop further to $70,000 before resuming an upward trend.

Hayes emphasized that investors should focus on Bitcoin’s long-term value rather than short-term price movements.

Despite the current downturn, some traders remain optimistic about Bitcoin’s future.

After all, Bitcoin has regained key resistance levels by rebounding fairly quickly and might have just restored bullish sentiment.

The following days will prove decisive for market development. Bitcoin’s recent drop and Mt. Gox’s large transactions have increased market uncertainty.

The market observers keep their attention focused on possible improvement and other future price actions.

The post Bitcoin Price Retraces Path To $83K, Survives Mt. Gox Transaction Scare appeared first on The Coin Republic.