Bitcoin Price Nears $92K Despite $1.2B Mt. Gox Transfers – What’s Next?

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Arslan Butt

Crypto Writer

Arslan Butt

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Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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Last updated: 

March 5, 2025

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Bitcoin (BTC) surged past $92,760, gaining over 5% in 24 hours, despite looming fears surrounding $1.2 billion worth of BTC transfers from the defunct Mt. Gox exchange. Blockchain analytics firm Arkham Intelligence confirmed that 12,000 BTC were moved to new wallets, sparking concerns of potential sell-offs.

However, the market held firm, reflecting strong demand.

Mt. Gox creditors still hold 36,080 BTC ($3.3 billion), and repayments, previously set for October 2024, have been extended to October 2025.

This delay reduces immediate selling pressure, allowing the market to absorb any liquidation gradually. Past instances of Mt. Gox wallet movements, including 24,000 BTC in December 2024, have not significantly impacted Bitcoin’s price.

Key Takeaways:

• 12,000 BTC ($1.2B) transferred, but market remains stable above $92,300.
• Mt. Gox creditor repayments extended to October 2025, easing immediate sell-off fears.
• Bitcoin demand remains strong, despite previous concerns over large liquidation events.

Metaplanet Expands Bitcoin Holdings, Fuels Institutional Interest

Institutional confidence in Bitcoin continues to grow as Tokyo-based investment firm Metaplanet increased its holdings by 497 BTC ($43.9 million), bringing its total to 2,888 BTC.

The company plans to reach 10,000 BTC by 2025 and 21,000 BTC by 2026 as part of a long-term accumulation strategy.

This move sent Metaplanet’s stock soaring 17% in the Japanese market, reinforcing Bitcoin’s value proposition as a corporate reserve asset.

Similar institutional moves in the past, such as MicroStrategy’s Bitcoin strategy, have historically supported BTC prices and market sentiment.

Key Takeaways:

• Metaplanet purchased 497 BTC, raising total holdings to 2,888 BTC.
• The firm aims to hold 10,000 BTC by 2025 and 21,000 BTC by 2026.
• Stock surged 17%, highlighting growing institutional confidence in Bitcoin.

Bitcoin (BTC/USD) Technical Outlook – March 6, 2025

Bitcoin is currently trading at $91,515, marking a 4.67% gain in 24 hours. A bullish engulfing pattern suggests continued buying pressure, with BTC reclaiming the $89,998 pivot level as support.

The 50-day EMA at $88,332 reinforces bullish sentiment, while resistance at $94,381 poses a key challenge. A breakout above this level could push Bitcoin toward $96,999 and $99,543.

Conversely, a rejection at resistance could see BTC retrace toward $87,589 and potentially $84,351.

Key Takeaways:

• Bitcoin surged 4.67% to $91,515, testing resistance at $94,381.
• A breakout above $94,381 could drive BTC toward $96,999 and $99,543.
• Failure to hold $89,998 may trigger a decline to $87,589 and $84,351.

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With investor interest surging, this presale offers an opportunity to secure BTCBULL at early-stage prices before the next price jump.