Mt. Gox transfer, MicroStrategy sale push Bitcoin under $70,000

Bitcoin fell below $70,000 on Tuesday after the rehabilitation trustee for the defunct Tokyo exchange Mt. Gox moved roughly 10,422 BTC (about $739 million) into new wallets and Strategy sold 32 BTC (about $2.5 million).

On-chain records show about 10,306 BTC were sent to a previously unseen address beginning with 14FEEMRh. The remaining coins moved through a known Mt. Gox hot wallet before further forwarding. Blockchain monitors reported no immediate deposits of those coins to major exchanges and found no evidence of large-scale selling.

Strategy sold 32 BTC between May 26 and May 31 to fund preferred stock distributions. The sale represents less than 0.004% of the company’s reported treasury of more than 843,000 BTC.

Traders reacted to the transfers during seasonally light liquidity, producing short-term selling pressure that pushed the price below $70,000. The Crypto Fear & Greed Index moved into the extreme fear range after the transfers. Bitcoin trades about 44% below its October 2025 peak near $126,000.

Analysts and traders are watching support and resistance levels. Immediate support is near $68,000, with a deeper demand band between $64,000 and $66,000. Some traders identified near-term targets at 68,700, 65,000 and 71,500, and flagged 75,000 as a level to watch.

An analyst wrote on social media: “Our next targets should be 68.7k and 65k. A retest of 71.5k should be shortable and if we somehow magically break 75k, we might stop being bearish.”

Michaël van de Poppe warned that a breakdown below 71,000 could open the way to 65,000 or 61,000 and noted the 200-day moving average remains an important longer-term reference.

Trustee Nobuaki Kobayashi has overseen Mt. Gox creditor distributions since mid-2024. About 34,500 BTC remain earmarked for future repayments, and the extended deadline for finalizing distributions is October 31, 2026. Past distributions have often been absorbed without sustained price declines as many creditors do not immediately sell received coins.

Market participants said the longer-term price path will depend on macroeconomic indicators, ETF flows, corporate buying or selling trends, and the gradual absorption of Mt. Gox supply. Several analysts noted that prices near $70,000 could present buying opportunities for investors with longer horizons if market risk appetite stabilizes.