Upcoming Compensation in Mentougou Creates Pressure 140000 Pancakes to be Sold Market Faces Black Swan Event

According to market reports, the trustee of Mt. Gox has indicated that the rehabilitation plan is ready and will begin repaying BTC and BCH, with an expected start date in early July.
Following this news, Bitcoin has once again dropped after a continuous decline, currently falling below $62,000, while Ethereum hovers just above $3,300. Undoubtedly, this is a substantial bearish news for the current market, and if the repayment occurs as scheduled in July, the price of Bitcoin will continue to be under pressure. The Mt. Gox trustee’s address holds 141,686 BTC, valued at approximately $9.2 billion.
A few days ago, with the appearance of a large-volume decline in Bitcoin, I predicted that this pullback could lead to a price drop below $60,000.
Currently, the breach of the $60,000 support level is only a few points away. From the current market trend, it is likely to complete this process today or tomorrow.
The price of Bitcoin has already fallen below $61,000, and Ethereum has also dropped below $3,300, indicating a sustained downward trend in the cryptocurrency market. The market remains significantly bearish, and currently, we can only hope that the $60,000 support level will hold. If it further declines, $56,000 will become a key support level, determining the ultimate depth of the pullback.
According to TheBlock’s data, since June, Bitcoin miners have sold more than 30,000 BTC, equivalent to about $20 billion. This is the fastest selling pace in over a year. Looking back, Bitcoin has faced selling pressure several times above $70,000, indicating existing selling pressure in the market. Next, market expectations are largely focused on Ethereum’s ETF, but whether it is Bitcoin’s spot ETF or Ethereum’s futures ETF, it is not enough to form a bullish trend on a large scale. The biggest hope at the moment is the inflow of funds into the crypto market caused by the Fed’s interest rate cuts, but this will take time to materialize.
Objectively speaking, the next few months may be a bit tough for everyone, but I don’t think it is necessary to be overly pessimistic. The market always has its ups and downs, and when the market was at its peak, I repeatedly advised to reduce holdings based on risk considerations. Now, I am confident in next year’s bull market, based on trust and understanding of the market.
The main strategy for the future is still to buy at low points, considering the market’s pullback cycle, and to participate in some short-term operations while bottom fishing.
In addition, from a price perspective, many old altcoins have already experienced a significant adjustment, and if they continue to decline, they will enter a more attractive range.