Two Major Selling Threats in Bitcoin in the Short Term!

Leading cryptocurrency Bitcoin It has experienced an unstoppable rise in recent days and exceeded $ 52,000 after a long time.

At this point investors BTCWhile we expect further rises from , there are two major selling threats that could negatively affect the BTC price in the short term.

Imminent sales threats Genesis’ sale of 35 million GBTC shares worth $1.3 billion and the sale of Bitcoins seized by the US government from Silk Road It was stated that.

“Bitcoin price has been on the rise for the last 7 days and finally broke the $52,000 barrier again after 2 years!

But there are two major threats to the short-term BTC price. Can Bitcoin overcome this selling pressure threat?

Threat #1: Court approves Genesis to sell 35 million Grayscale Bitcoin Trust shares (GBTC) worth ~$1.3 billion on February 15, 2024.

A similar incident occurred in FTX. Note that FTX also sold over $1 billion worth of GBTC stock at one time, causing the price to drop from $49,000 to $39,000 in January.

Threat 2: The US Government notified to sell 2,875 BTC (worth ~$150.6 million) seized from Silk Road on January 25, 2024.

Currently, the US Government remains one of the largest holders of BTC, with approximately 208 thousand BTC (~$10.9 billion).

-It was claimed that they sold 8.2 thousand BTC (worth $248 million) through Coinbase during the last pump in July, and this news caused the price to drop from $30.8 thousand to $30.2 thousand.”

the #Bitcoin price has been on the rise for the past 7 days and finally broke the $52K mark again after 2 years!

However, there are two impending big threats to the short-term $BTC price Can it overcome?

one. #genesis was approved to sell 35M Grayscale Bitcoin Trust shares… pic.twitter.com/Qn7wbQXaDa

— Spot On Chain (@spotonchain) February 15, 2024

While Genesis and the US government’s potential Bitcoin sale spark speculation in the market, BTC and the cryptocurrency market are showing resilience.

*This is not investment advice.