Bitcoin Update: $500-Million ETF Inflows, Market Absorbs Mt. Gox BTC, $50K Level Defended

The Bitcoin Layer
10/07/2024 19 min Episodio 54
Bitcoin Update: $500-Million ETF Inflows, Market Absorbs Mt. Gox BTC, $50K Level Defended

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Episode Synopsis

In this video, Joe walks through how bitcoin's 4-week 25% correction may be coming to a close. Despite Mt. Gox now redistributing 94,500 BTC, and the German government selling $21 billion in BTC over the weekend, bitcoin managed to spring off of the low-$50,000 level. Factors that have been headwinds for BTC over the last month are no longer hurting its market price, and after a 7.5% weekly drop, the 4th largest since FTX collapsed, bitcoin may have just set a local bottom for the remainder of the bull market.
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