Bitcoin sustained a more than 6% decline over the past week. The back-to-back corrections temporarily pushed the asset below $60,000.
Although it has rebounded since then, its recovery appears to have stalled around $61,500, causing concern among investors about further losses. This is especially true as the US government transferred 3,940 BTC to Coinbase Prime after receiving approval to liquidate.3,940 BTC to Coinbase Prime, the institutional trading arm of Coinbase. These tokens were initially seized from a convicted drug trafficker, Basmeet Singh, earlier this year.
This transfer has sparked concerns that the government might sell a portion of its BTC reserves, potentially leading to downward pressure on the asset’s price, which has already been struggling.shared by QCP Capital, bitcoin has been effectively maintaining the $60,000 support level despite severe bearish pressures. It will be able to defend this level for two main reasons.as the German government has slowed the pace of transfers to exchanges, with only 250 BTC being sent yesterday.
Additionally, Bitcoin ETFs experienced net outflows of $52.4 million over the past two days after seven consecutive days of outflows. Taking these factors into account, QCP Capital, in its latest analysis, interpreted the market to be ripe for bitcoin accumulation.also hinted at signs that the leading asset’s local bottom has formed. The on-chain intelligence platform highlighted that the OI decreased by $3 billion in the futures market as a result of long liquidations.
Moreover, this week’s BTC plunge below $60,000 attracted several buyers. In fact, holders controlling 0.1% of the total bitcoin supply added 7,130 BTC to their stash in just one day. The newly purchased BTC is worth around $436 million. Interestingly, this particular accumulation also marked the highest net inflows since late May, which could suggest that investors are confident about the price going up from here on.
Coin Coin Latest News, Coin Coin Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: TheBlock__ - 🏆 464. / 53 Read more »
Source: Utoday_en - 🏆 295. / 63 Read more »