Bitcoin price hovers above $30,000. However, it is possible that the United States’ bulk sale of BTC could pose a threat to the crypto market in the near future. On the other hand, data from analytics platform Glassnode points to a Bitcoin rally.
US Government is selling Silk Road Bitcoins!
On-chain data showed Wednesday that Bitcoin-related addresses seized by the US Department of Justice were involved in the sale activity. After 9,800 Bitcoin sales in March 2023, the final sale could be part of a lot of four. Meanwhile, cryptocoin.comAs you follow, the crypto market is facing another volatile phase around the US Federal Reserve’s decision to raise interest rates from July 25-26, 2023.
With nearly $300 million worth of Bitcoin liquidated, it remains to be seen whether the dubious sale of BTC will have a market mover in the next few days. Will this lead to a crypto crash or will traders oversee it?
On-chain data showed the transfer of 9,000 BTC in two transactions earlier on Wednesday. Also, the data revealed that 8,200 BTC followed the transfer of 1,118 BTC. The next change in BTC price in the last 24 hours is almost zero. Therefore, the crypto market did not show a remarkable reaction. A court filing dated March 2023 indicated that the US government intended to sell the remaining 41,000 BTC in four separate phases. This means that there are approximately 32,000 BTC to be sold in the next six months.
Glassnode data points to Bitcoin rally!
Bitcoin price is consolidating above the $30,000 level. Nevertheless. Glassnode’s analysis reveals a potential breakout. On-chain analytics platform Glassnode recently provided information on the current state of the Bitcoin market. According to their analysis, while the market is consolidating above the $30,000 price level, about 75% of the total Bitcoin supply is in a profitable position. On the other hand, the remaining 25% is at a loss. Interestingly, this distribution is very similar to the equilibrium reached at the price midpoints in 2016 and 2019.
According to the charts, the 75:25 balance of supply held at profit versus loss is emerging as a balance point for Bitcoin. Glassnode says a higher P/L balance is observed on 50% of all trading days. He also states that in the remaining 50%, there is a lower balance. This balance typically follows Bitcoin price breakouts.
At press time, Bitcoin is trading at $30,353.52. BTC is down 0.81% in the last 24 hours. However, the price fluctuated in the range of $30,358.10 to $30,831.81 during the day. Standard-Chartered, a leading bank, predicts that Bitcoin will reach $120,000 by 2024. Also, economist and famous author Robert Kiyosaki has a similar opinion.
What awaits BTC price?
Data from Glassnode, in addition to analyzing supply balances, reveals that the number of wallets holding at least one Bitcoin has reached an all-time high of 1,008,737 million. Meanwhile, the countdown continues for the next Bitcoin Halving. Therefore, the cryptocurrency community is eagerly awaiting the upcoming reduction in block subsidies. An estimated 282 days left until the event. Halving will reduce the block subsidy from the current 6.25 BTC to 3,125 BTC.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.