bullish

Bitcoin

<h2 id="key-points">Key Points</h2>
<ul>
 <li>The U.S. government’s large transfer of Bitcoin coincided with a decrease in the cryptocurrency’s value.</li>
 <li>Despite this, a bullish divergence on Bitcoin’s chart suggests a potential trend reversal.</li>
</ul>
<p>The U.S. government recently moved a significant amount of <a href="https://coineagle.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a>, a move that coincided with a decrease in the cryptocurrency’s value. This occurred during a period of already high sell pressure.</p>
<h2 id="bitcoin-s-performance-and-decline">Bitcoin’s Performance and Decline</h2>
<p>Over the past few days, Bitcoin had shown promising performance, approaching $70K. However, the market turned bearish in the last 24 hours, pushing the coin’s price down.</p>
<p>Sellers took control, leading to a 4% drop in Bitcoin’s price in the last 24 hours. At the time of writing, Bitcoin was trading at $66,672.03 with a market capitalization of over $1.32 trillion.</p>
<h2 id="the-u-s-government-s-role">The U.S. Government’s Role</h2>
<p>On July 29th, the U.S. government transferred Bitcoin worth more than $2 billion to a new wallet. At the time, the U.S. government held 179,155 Bitcoin, worth $12.14 billion.</p>
<p>Such large transfers by governments can affect market sentiment and cause volatility. As the U.S. is a major market for cryptocurrency, it is not surprising that Bitcoin’s value fell following this significant transfer.</p>
<p>Despite the sell-off, analysis of CryptoQuant’s data revealed that Bitcoin’s exchange reserve was increasing, suggesting high selling pressure. However, a key indicator hinted at a possible trend reversal.</p>
<p>Crypto analyst Ali noted that Bitcoin showed bullish divergence against the RSI in the lower time frames. Furthermore, the TD sequential, another key indicator, flagged a buy signal, suggesting a possible price increase.</p>
<p>Despite recent sell-offs, Glassnode’s data showed that Bitcoin’s accumulation trend score was 0.99, close to 1, indicating that investors were considering accumulating more, which is generally considered bullish.</p>

Unraveling US Government’s Role in Today’s Sudden Bitcoin Price Slump

Table of Contents

CoinEagle.com

Other articles published on Jul 30, 2024

Mog Coin Price Prediction: MOG Soars 15%, But Investors Shift To This AI Meme Coin ICO With Only ...

Investors Show Skepticism in MATIC Performance

Here’s Why There Are Green Candles Around For Pepecoin and Mpeppe (MPEPE)

HashKey Global Introduces New Perpetual Futures Contracts for Solana, Dogecoin, and Avalanche

Ripple CEO Slams SEC's Hypocrisy Amid U-turn in Binance Case

Tria’s Unchained brings Chain Abstraction to Injective Ecosystem

Join our free newsletter for daily crypto updates!