Mt.Gox repayment shakes the market. The BTC bull market over? Bear or Bull?

Hey fellow traders!

This week has brought us some important news about the crypto market and its sentiment, so it’s time to highlight the most significant developments and recap the key points together in this Good Crypto digest. If you want to receive these updates as soon as we post them, follow us on Twitter.

quick weekly news

Mt.Gox repayment shakes the crypto market,  causing volatility

The news and discussions about Mt. Gox starting to repay funds to its creditors remain on the agenda, maintaining selling pressure on the overall Bitcoin price.

Since the announcement of repayment commencement on July 5th, 2024, the exchange has already moved over 47,288 BTC, valued at roughly $2.7B, to new addresses, according to CoinTelegraph research. This has caused increased volatility and insecurity in the potential growth of Bitcoin in the near future among the crypto community, keeping its price below $60K. 

Is the BTC bull market over?

Uncertainty about Bitcoin’s potential growth has also spread to professional traders and market makers, who are hesitant to open leveraged long positions on Bitcoin. This lack of enthusiasm is also concerning due to claims from some traders that the $72K Bitcoin price on June 5th, 2024, was a “peak” and that the bull market is over.

However, other players and influencers, such as DC Investor, claim that BTC and ETH are only 25% off from their peaks, asserting that this is not the end of the bull market and that such corrections are normal.

Bear or Bull? Survey reveals 49% are bullish about crypto

Still, despite some bearish narratives increasingly appearing across the community, a recent CoinGecko survey revealed that over 49% of respondents answered they are “bullish” or “rather bullish” on the current crypto market. In contrast, only about a quarter of survey participants claimed they are “bearish” or “rather bearish,” while the remainder were “neutral” regarding the current state of the market.

CoinGecko has also found that the most bullish market segments are investors and builders, while the most bearish ones are spectators and traders.

I wonder why? 🤔

Compound Finance site potentially breached — ZachXBT

On July 11, 2024, the famous crypto detective ZackXBT alerted his community that the Compound Finance site appeared to be hijacked. He claims that currently, the Compound website redirects users to a newly registered phishing site that poses a significant security risk.

We suggest you stay away from this dApp for a while if you plan to use this protocol. Also, remember to never connect your wallet to suspicious applications and never reveal your wallet’s seed phrase to anyone, anywhere. These simple rules may save you a lot of stress and money.

Stay safe! 🙏

Momentum Oscillator Trading Strategy

Momentum Indicator

A Momentum Oscillator is a technical indicator that measures and displays the strength or speed (or simply momentum) of market price movement. Basically, it compares the most recent price to a previous price and determines the speed of price change.
Momentum Oscillator Trading Strategies:

🔸 Zero Line Crossover: Watch when the Momentum Oscillator crosses the zero line to buy or sell the asset. When the price crosses above the Zero Line, it’s a bullish signal, and conversely, when crossing below Zero, it’s a bearish signal.

🔸 Divergence Trading + EMA: Detect divergences with the help of the Momentum Oscillator to identify potential price direction changes.

Want to learn more about how to use the Momentum Oscillator? Read our comprehensive guide and dive deeper into this powerful tool! 💪

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We hope this digest was valuable and informative for you! If you want to be the first to receive new crypto insights and stay up-to-date with the market, follow us on Twitter or Telegram. Become a better trader with the Good Crypto app!

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July 11, 2024

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