Bitcoin Falls From $60,000 With US Transfer Of 10,000 BTC: Vital Levels To Monitor
2024年8月15日 - 4:08AM
NEWSBTC
On Wednesday, the crypto market experienced a wave of volatility as
news broke that the US government had transferred a significant
amount of Bitcoin seized from the infamous Silk Road marketplace to
the Coinbase exchange. Massive Silk Road Bitcoin Influx To Coinbase
According to on-chain data tracker Arkham, the US government
recently moved 10,000 Bitcoin worth around $590 million from a
known government wallet to a Coinbase Prime deposit address.
Notably, this transfer sparked a 3.3% dip in the Bitcoin price,
which fell below the key $60,000 support level to trade at around
$59,130 at the time of writing. However, it’s important to note
that the US government’s selection of Coinbase as the custodian for
its seized digital assets may only sometimes lead to immediate
selling. Related Reading: XRP Price Eyes $0.60 Reclaim:
Crucial for a Fresh Upswing As reported by Bitcoinist, Coinbase
announced that the US Department of Justice’s asset forfeiture
division, the US Marshal Service, had chosen Coinbase Prime to
offer custody and advanced trading services for its “Class 1”
digital assets. This partnership is intended to streamline the
custody, management, and disposal processes for cryptocurrency
assets, allowing for diversification in the types of digital assets
that can be handled and disposed of under the government’s
forfeiture programs. Ultimately, this may result in the
exchange holding this large amount of BTC and not affect the
Bitcoin price in the short term or contribute to selling pressure
unless there is a shift from previous movements and the authorities
decide to liquidate the tokens. Critical Resistance Levels
And Support Thresholds In a recent analysis of the current Bitcoin
price action, crypto analyst Daan Crypto Trades recently
highlighted key levels to watch for a potential continuation of
BTC’s recovery over the past seven days after falling towards
$59,000 on August 5th. The analyst first noted that Bitcoin is at a
pivotal point where it needs to break above the 200-day exponential
moving average (EMA) at $59,468 and the 200-day moving average (MA)
at $62,274. Daan Crypto Trades explains that these levels are
key to catalyzing favorable medium-to-long-term dynamics in favor
of the bulls. However, the cryptocurrency has struggled with this
challenge and failed to consolidate above these levels last week.
Related Reading: Maker Sees 7% Upswing As Key Indicators Signal
$2,662 Resistance Test In light of this scenario, the analyst has
identified two significant resistance levels that the BTC price
must uphold if a potential correction looms. Daan Crypto
Trades underscores the importance of vigilance around the $56,530
mark on the BTC/USDT daily chart, emphasizing its role as a
critical floor crucial for preventing a downturn that could mirror
the substantial 20% correction witnessed at the commencement of
August. Moreover, the analyst points to the $52,990 threshold as
the subsequent support level to monitor should Bitcoin falter at
the aforementioned mark, especially if selling pressure
intensifies, exerting downward pressure on its price trajectory.
Featured image from DALL-E, chart from TradingView.com
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