Bitcoin
Bitcoin plummets after US government moves $2 billion in BTC: what’s next?
Bitcoin has been trying to regain its foothold in the $70,000 zone since the market rejected it over a month ago. Over the past few days, it has been struggling with multiple resistances at various levels. On July 29, it finally managed to touch this point but could not hold it for long. The price dropped to $66,500, breaking multiple support levels and passing through all MAs in its path, after facing over 4% rejection. Let’s explore the reasons for this sudden drop and what to expect next.
Multiple supporting factors
There were many factors that helped Bitcoin climb all resistance levels to hit the $70,000 mark after a month. The biggest of them all is former US President Donald Trump’s speech during the Bitcoin Conference 2024 in Nashville.
Trump has openly expressed his support for Bitcoin and the crypto ecosystem. He has promised that he will not sell the Bitcoin that the US government has confiscated if he is elected. Instead, he has proposed his desire to turn the seized Bitcoin into a strategic reserve. Donald Trump has, on multiple occasions, shared his willingness to make the US the largest player in Bitcoin. He wants Bitcoin and the entire crypto ecosystem to flourish in the US.
The greatest resistance
The $70,000 zone is one of the biggest resistances as it is a former ATH for Bitcoin. According to experts, this would be the biggest challenge for BTC. This level had a lot of liquidity from selling pressure, hence it failed to hold its position and was rejected. The MA 20 tried to hold the price around $69,000, however, the intensity of selling pressure broke it. It even crossed the next support level at $68,000. After that, panic started among traders, causing the price to fall even further.
Source: TradingView
US Government BTC Movement
At the same time that BTC was already falling due to high selling pressure, the US government made some moves on its Bitcoin holdings. Arkham’s data shows that they moved 29.8k BTC worth $2.02 billion out of the 183,439 Bitcoins they hold to an unknown address. This brought a new kind of fear to the market. When this news broke, many tweets claiming that the US government is planning to sell these BTCs emerged, causing panic in the market. This resulted in Bitcoin falling to $66,500.
Source: Arkham
At the time of writing, Bitcoin is trading at $67,330, however, the hourly chart shows that a support level of $66,800 is now acting as a resistance and the most recent support is 200MA.
What to expect next
As of now, the owner of the wallet that received $2.02 billion worth of Bitcoin from the US government is still unknown. Therefore, it is almost impossible to say what their next move might be. Is it some other government wallet and they are planning to use this BTC for some purpose or it was just a move, no one can say that for sure. However, we are sure that some information will surely surface in the near future. Bitcoin is trying to hold the price right now as the bearish power is decreasing. We can only hope that the price will rise again soon as there is a support environment being built around the globe to crypto.
Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
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came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
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