The strength of the Bitcoin price above $30,000 may be suppressed by the US government selling the massive amount of BTC it acquired in the Silk Road case. 4 dates that could bring sell-offs for Bitcoin this year…
4 important dates that can lead to a drop in Bitcoin
Closely followed on-chain analytics firm CryptoQuant highlighted the 4 key dates the US government has achieved in the Silk Road case, which will likely empty the market this year.
The US government confirmed in a recent court filing that 9,800 BTC, with a total value of $215.7 million, seized in connection with the Silk Road case, were sold on March 14. The government plans to sell about 41,500 more BTC in four phases throughout the year…
As for the dates, the critical time periods for the US government to sell are May 26, August 7, October 19, and December 30, 2023.
CryptoQuant’s analysis suggests that the 73-day break after the first sale is part of the US selling strategy. But it is not yet clear whether this strategy will continue or whether it is just a coincidence. By carefully following the key dates mentioned above, investors can better cope with the fluctuations in the cryptocurrency market.
How about the BTC price? What does on-chain analytics say?
In current analysis, IntoTheBlock’s analytics expert Ali Martinez pointed out the critical resistance and support levels that investors should watch for Bitcoin. According to Ali, the $30,270-32,150 region has been a tough resistance for Bitcoin.
This level saw 360,000 BTC purchased by 770,000 addresses. On the other hand, the $29,330-30,200 support level is holding strongly, with 700,000 addresses buying 390,000 BTC.
If the $29,330-30,200 support level is broken, the analyst warns that the next key support level is $27,600-28,450. This news has raised concerns among investors, as a drop to this level would mean a significant drop in Bitcoin’s price.
Bitcoin sentiment of institutional investors
Despite the general positive mood, BTC continues to face increasing selling pressure, which could affect its short-term prospects. According to Coinshares, BTC accounted for more than 98% ($56 million) of inflows in digital asset investment products in the previous week from April 2-9.
However, trading volumes remained low at $970 million as short Bitcoin saw a minimum outflow of $0.6 million. Therefore, the current bullish sentiment is not removing the selling pressure that could affect players’ short-term earnings.
cryptocoin.com As we covered in our analysis, recent sales from Bitcoin miners are magnifying downside risks on the price.
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