Bitcoin Price Prediction: BTC Slides Below $90K as SpaceX Moves $100M in Bitcoin
SpaceX executed another large-scale Bitcoin transfer on Friday, moving 1,083 BTC—nearly $100 million—to a newly created wallet.
Quick overview
- SpaceX transferred 1,083 BTC, valued at nearly $100 million, to a new wallet, marking its eighth major transaction.
- A portion of the transfer was sent to Coinbase Prime, suggesting potential changes in custody arrangements.
- Bitcoin's price fell below $90,000 as traders reduced exposure ahead of key inflation data and options expiry.
- Recent transfer activity from SpaceX-linked wallets has increased, with many assets routed to new addresses amid market volatility.
SpaceX executed another large-scale Bitcoin transfer on Friday, moving 1,083 BTC—nearly $100 million—to a newly created wallet. Data from Arkham Intelligence shows this marks the company’s eighth major transaction, deepening speculation as Bitcoin fell sharply ahead of today’s U.S. Personal Consumption Expenditures (PCE) inflation report and a large crypto options expiry.
According to on-chain tracker Lookonchain, a portion of the transfer was directed to Coinbase Prime, indicating potential adjustments in custody arrangements. The full movement included:
- 283 BTC ($31.3M) sent to wallet bc1qrzg
- 162.48 BTC moved to Coinbase Prime
- 800 BTC ($73.7M) transferred to wallet bc1qyh
Despite the reallocation, SpaceX’s main wallet still holds 5,012 BTC, valued at roughly $461.7 million at current prices. Analysts note the company has repeatedly rotated assets into fresh addresses in recent months, with several new wallets remaining untouched since creation.
Transfer Activity Accelerates After Market Volatility
Outflows from SpaceX-linked wallets have increased notably since the October 10 market downturn. Over the past two months, seven transfers have occurred—more than half routed to brand-new addresses.
This shift has fueled ongoing debate: some analysts view the moves as strategic repositioning ahead of macro events, while others recall October’s heavy speculation about potential institutional selling. The timing—just hours before the PCE inflation release—has added another layer of market attention.
Notable observations include:
- Increased transfer frequency during periods of instability
- Four of seven recent transactions moved to new wallets
- Long-term behavior reflects a mix of wallet rotation and asset preservation
Bitcoin Slides Below $90K as Traders Await Inflation Data
Following the transfer, Bitcoin extended its decline, dropping more than 1% and deepening a three-day slide from last week’s high near $94,000. BTC now trades around $89,600, with volumes down 18% as traders reduce exposure ahead of macro catalysts.
Derivatives data also reflect growing caution:
- BTC futures open interest fell 1.45% to $59.28B
- CME futures OI dropped 2.60%
- Binance futures OI slipped 2.07%
The combination of options expiry, inflation data, and the approaching FOMC meeting has kept volatility elevated and positioning defensive.
Bitcoin Technical Analysis: Pressure Builds Below Key Trendline
Bitcoin continues to trade near $89,600, stuck beneath a downward-sloping trendline that has rejected every rebound since mid-November. The recent 2H candles show lower highs, while a failure to reclaim the 200-EMA signals fading bullish strength. The 50-EMA crossing below the 200-EMA confirms a weakening structure.
Immediate resistance stands at $90,300–$91,000, where repeated rejection wicks show clear selling pressure. A decisive break above the trendline could open a move toward $94,000.
Support sits at $88,000, followed by $86,830. Current candles near support reveal small bodies and longer lower wicks—indicating hesitation but no confirmed reversal.
The RSI, recovering from the 30 zone but still below its midpoint, shows limited upside momentum. A drop beneath $88,000 risks a slide toward $83,750, while a close above the descending trendline is needed to challenge broader resistance.
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