Bitcoin lost the $69,000 level Tuesday as selling pressure intensified, triggered partly by a notable outflow from Mt. Gox-linked wallets. On June 2, the wallet cluster saw a net negative balance change of 10,300 BTC—the first major spike since March 11, 2025. The move came just as Bitcoin broke below the critical $72,000–$74,000 support zone, dragging the price to around $69,500 after a sharp rejection from the $82,000 local high.
BTC slips below every major moving average
Bitcoin is now trading below its 50-day, 100-day, and 200-day moving averages. Volume expanded during the decline, a sign that sellers are actively participating. The next major demand area sits at $64,500–$66,000, a range traders will be watching closely if the sell-off continues. The timing isn't great—this is the first time since 2025 that BTC has traded so far beneath its long-term averages.
Exchange reserves climb on the same day
On June 2, Binance's Bitcoin reserve hit roughly 655,000 BTC, up from recent levels. Bitfinex's reserve also rose, climbing from about 406,000 BTC on May 18 to approximately 415,000 BTC by June 2. Both exchanges saw their reserves increase on the same day the Mt. Gox outflow happened. There's no confirmed direct transaction-level link between the Mt. Gox movement and those reserve jumps—but the coincidence has traders talking.
Mt. Gox wallet cluster moves again
The Mt. Gox wallet cluster had been quiet for months. The last big negative balance change came on March 11, 2025. Tuesday's 10,300 BTC outflow is the first major spike since then. It's unclear whether those coins went to an exchange, a creditor distribution, or another wallet. The trustee has not commented, and no official announcement has been made about a new distribution round.
With BTC below $69,000 and active selling volume, the $64,500–$66,000 zone is the last notable support before lower levels. If that fails, the next floor could be much lower. For now, the market is digesting the Mt. Gox move and the reserve increases. No one knows if more coins from that wallet are coming—but the fact that it woke up after 15 months isn't being shrugged off.
