### The Battle Between Bulls and Bears Rages on for Bitcoin!
Bitcoin has been significantly impacted by BTC transfers conducted by the bankrupt Mt.Gox cryptocurrency exchange as part of its refund process.
Amidst these developments, Bitcoin’s value dipped below $54,000. The upcoming release of US Non-Farm Employment data today is anticipated to exert further influence on its price.
Investors are currently divided: those predicting a continued decline are opting for short positions, while others are taking long positions, expecting price increases. However, Bitcoin’s volatile nature can swiftly liquidate investments in either direction.
According to Coinglass data, a rise to $56,000 could lead to liquidation of $791 million in short positions. Conversely, dropping to $50,000 could result in liquidating long positions worth $489 million.
The direction of Bitcoin’s trajectory hinges significantly on Mt.Gox’s actions. As the tug-of-war between bulls and bears intensifies, Rachel Lin, CEO and co-founder of decentralized exchange SynFutures, noted to Decrypt that selling pressure on Bitcoin is unlikely to ease soon.
Lin highlighted Mt.Gox’s expectation that a substantial number of its users will sell their Bitcoin. However, she added that if the selling volume falls short of expectations, a Bitcoin rebound is probable.
Conversely, a surplus of selling could potentially drive prices down to the $50,000 mark.
*Note: This article does not offer investment advice.*
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