Bitcoin eyes Mt. Gox recovery amid warning over BTC price dip to $58K

Bitcoin ( BTC ) sought to retest range highs at the July 16 Wall Street open as the market brushed off Mt. Gox BTC movements.

BTC/USD 1-hour chart. Source: TradingView

Bitcoin clings to "classic disbelief rally"

Data from Cointelegraph Markets Pro and TradingView showed BTC price strength returning for a fresh trip to $64,000.

Still down overall around 1% since the daily open, BTC/USD nonetheless showed resilience in the face of billions of dollars’ worth of coins leaving the cold wallet linked to defunct exchange Mt. Gox.

While some ignored the initial knee-jerk market reaction to the transactions, some popular traders called for caution.

Despite Bitcoin gaining in excess of 10% since the start of the weekend, they warned, those gains were still far from guaranteed to endure.

“I can see an argument for both scenarios atm- that the LTF impulse off 58k may be our bottom OR that this was just a deviation/fakeout to gather some momentum to take out our lows,” Credible Crypto wrote in part of a post on X (formerly Twitter).

BTC/USD, ETH/USD charts. Source: Credible Crypto/X

Daan Crypto Trades meanwhile warned that BTC/USD returning below $60,000 “wouldn’t be great.”

“So far, we've seen a solid disbelief rally where yes, there's some euphoria by those that are allocated but also a lot of short squeezes and confused reactions by those who didn't expect a move this quick,” he told X followers.

“In my opinion, a retest back to 59-60K wouldn't be great and would show weakness. Technically it's a good level and the chart would be okay if it holds. But in practice, these kind of ‘perfect retests’ rarely come and are often just a sign of weakness.”

BTC/USD chart. Source: Daan Crypto Trades/X

Analyst stresses importance of Bitcoin range reclaim

Zooming out, however, popular trader and analyst Rekt Capital argued that the significant change in trend had already occurred.

Related: Buying the dip? Bitcoin institutional investors add 100K BTC in a week

“The Re-Accumulation Range has successfully been reclaimed,” he explained , referring to Bitcoin’s trading range in the weeks following April’s block subsidy halving.

“The importance of this reclaim cannot be understated.”

BTC/USD comparison. Source: Rekt Capital/X

Michaël van de Poppe, founder and CEO of trading firm MNTrading, called for a retest of all-time highs within the next two and a half months.

“$BTC is back in the range. It had a deviation beneath the range low. However, in the past few days, it rallied back into the range,” he summarized on X alongside an explanatory chart, adding:

“As long as $60K holds, I’m expecting to see a continuation towards the all-time high in Q3.”

BTC/USDT chart. Source: Michaël van de Poppe/X

Earlier, Cointelegraph reported on an even bolder BTC price prediction from hedge fund trader Josh Man, who bet on new all-time highs coming before the end of July.