- Mt.Gox trustee has liquidated 24,658 BTC and 25,331 BCH and return raising JPY 25.9 billion.
- Bitcoin price keeps the support at $430 but the immediate resistance at $440 is a huge hurdle.
Bitcoin Cash is has joined the other cryptocurrencies in a fresh selloff on Monday and part of Tuesdays. The brief bull rally towards the end of last week was a welcomed breather for Bitcoin Cash bulls who have been languishing in selling pressure over the past few weeks. BCH/USD detangled from the selling pressure and attacked higher levels to the extent of breaking above the resistance at $500. It formed a high at $510 before the trend make a 180 degree turn.
In other news, Nobuaki Kobayashi the civil rehabilitation and Mt.Gox trustee has today confirmed that action is being taken to protect the interest of the creditors of the now bankrupt exchange. These actions include the offloading of the digital assets held by the former exchange. A document that was released on Tuesday 25 indicates that the trustee has liquidated 24,658 BTC and 25,331 BCH and return raised JPY 25.9 billion.
“A suitable amount of money to secure the interests [of] BTC creditors under the Bankruptcy Proceedings in connection with BTC claims to be treated as non-monetary claims under the Civil Rehabilitation Proceedings,” the document said.
Bitcoin Cash price extended the declines that dominated through yesterday’s trading session on Tuesday. The support at $450 could not hold and the bears continue pushing for more declines. While heading to $430 formed a low at $433. The support at $430 is still holding water as buyers hammer at the immediate resistance level highlighted at $440. The broken support bat $450 will hinder bullish movement towards $470 in the medium-term. The coveted $500 is out of reach, at least for now.
BCH/USD hourly chart
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