BTCUSD

Bitcoin seems to have recovered from a sharp decline yesterday. It fell by more than 14% in the last week and is currently trading around $57,260 after recovering yesterday. As with last week's decline, the main reason is the start of refunds to customers who suffered losses in the hack of cryptocurrency platform Mt. Gox in 2014. More than 140,000 bitcoins were recovered from the total of 940,000 BTC hack. The redistribution of bitcoins to customers means major sales if creditors decide to take profits, since the value of one bitcoin was $451 at the time of the bankruptcy. On the technical side, after breaking the daily $58,710 band, the most important support level is $56,020, and if the sell position continues from here, we may see a pullback to $54,930. Support: 56020 – 54930 Resistance: 58710 – 59640