bitcoin Over the past week, it has faced some selling pressure. BTC was trading at $21,990 at the time of writing.
On-chain data provider glassnodereported that about 40,000 Bitcoins are in motion from wallets linked to the US. As a matter of fact, although most of these seem to be internal transfers, some of them have been moved to Coinbase.
As a result, Glassnode commented: “Approximately $9,861 BTC from Silk Road hacker was sent to Coinbase wallet.”
As a result, Bitcoin continues to face selling pressure and is showing weakness on the charts. Citing data from IntoTheBlock, crypto analyst Ali Martinez said: reported:
BTC fell below a critical support area between $23,050 and $23,730 where 1.63 million addresses were buying above $910,000BTC. Failure to regain this zone as support could trigger a sell-off that pushes the price towards $20,700 or even $19,300.
On the other hand, the total number of addresses holding more than 1,000 BTC has also fallen over the past week. About 24 addresses of this type have redistributed their assets and fell off the network last week.
Bitcoin and Macro Developments
Bitcoin bears seem to be in a dominant position over the bulls. As the price continues to slide below key support levels, some analysts are predicting that it could drop below $20,000.
On the other hand, macro factors do not seem to support further rallies as of now. Testifying before the US Congress on Tuesday, Fed Chairman Jerome Powell said the central bank will continue to raise interest rates and is determined to keep inflation below 2%.
On Tuesday, a judge in the US court questioned the SEC over its rejection of the spot Bitcoin ETF. As a result, the GBTC share price rose even higher.
You can follow the current price action here.