Bitcoin (BTC) Price Facing Rejection at $64,000 According to US Government Decision. $1 trillion moved in BTC
Bitcoin (BTC), the world’s largest cryptocurrency, has experienced an unstoppable price increase, with the BTC price rising as high as $64,000. Interestingly, the Bitcoin price is only 10% away from reaching its all-time high, causing investors to remain vigilant.
Additionally, the massive trading activity recorded by Bitcoin ETFs and the enthusiasm generated by the upcoming Bitcoin halving are exciting the bulls.
Bitcoin (BTC) Price Faces Brief Rejection at $64,000
Bitcoin price rose as high as $64,000, followed by some rejection and then partial reversal at $63,750. At the time of writing, Bitcoin is still trading at $61,686, up 8.26% on the 24-hour chart, with a market cap of $1.21 trillion.
According to data from Coinglass, in 12 hours the entire crypto market witnessed a total liquidation of $580 million, of which $308 million was from long positions and $276 million was from short positions.
However, after facing a pullback below $60,000, BTC price started an upward move once again, supported by solid on-chain metrics. Bitcoin’s on-chain activity has reached levels not seen since 2022. According to on-chain data provider Santiment, the metrics are very telling:
- A staggering $35.37 billion in on-chain transaction volume.
- More than 283,000 unique tokens were moved.
- There were 3,661 whale transactions, each worth $1 million or more.
According to crypto analyst Ali Martinez, Bitcoin is not currently facing significant resistance. Instead, a significant support barrier is seen between the $54,300 and $56,200 price range. In this span, approximately 903,540 addresses accumulated approximately 500,000 BTC; This indicates strong buying interest and strengthens support levels for Bitcoin.Justification #BitcoinIts historical run, reaching the highest level of 64 thousand dollars today, #inchain activity #crypto‘s top network has already surpassed unprecedented levels since 2022.
35.37 billion dollars #inchain transaction volume
283 thousand unique tokens moved
3,661 whale transactions over $1 million pic.twitter.com/EKVWgC2bWa
— Santiment (@santimentfeed) February 28, 2024
US Government Moved $1 Trillion to Bitcoin
One of the wallets identified by blockchain data company arkham Intelligence as holding bitfinex hacker funds seized on behalf of the US government initiated a transfer of 1 BTC around 18:39 UTC (13:39 ET). Approximately thirty minutes later, the remaining 2,817 BTC in the wallet was also sent, effectively emptying the wallet. These transactions totaled approximately $173 million worth of Bitcoin.
Later, another wallet holding approximately 12,300 BTC transferred 0.01 BTC to an unidentified address, as reported by Arkham Intelligence. Shortly after, the rest of the BTC in this wallet was also transferred. These transfers totaled approximately $750 million, bringing the total value of Bitcoin transferred from the two wallets to approximately $923 million based on the current price of the leading cryptocurrency.
This could mean that the US government could apply some selling pressure on BTC. However, the $1 billion sale is less than 0.01% of the total Bitcoin market cap. On the other hand, whistleblower Edward Snowden made this suggestion to the US government. He may be secretly buying Bitcoin to reduce the national debt this year.
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Bhushan is a FinTech enthusiast and has a good ability to understand financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is in a constant learning process and motivates himself by sharing the knowledge he has acquired. In her spare time, she reads thriller novels and sometimes explores her culinary skills.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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