⚡ Trade Forex With High Leverage And No Limitations! – Open an Account Here


Bitcoin shows bottom signs amid Govts Selling 

Bitcoin ran across resistance close to the $62,000 barrier and dropped 1.5% to trade at $60.4K on Friday’s morning session. The current bearish market volatility has subdued which may point to a possible bottom in the market. 

According to data provided by the cryptocurrency analytics company Santiment, during the last two weeks, there has been a noticeable decline in positive comments about Bitcoin on social media sites including X, Reddit, Telegram, 4Chan, and BitcoinTalk. 

A bottom indication suggests that the market trend is about to reverse. Often, investors see a bottom as a chance to purchase an asset when it is undervalued or trading at its lowest point. The lowest level of support for the asset is referred to bottom from a technical analysis perspective. 

On March 14, Bitcoin reached a new all-time high of $73,780 on Coinbase. The leading cryptocurrency has now fluctuated between $60,000 and $70,000, briefly falling below $60,000 before finding strong support again. At present, the price of BTC is $61,500. 

The US Government sent 3,940.28 BTC, or $241.22 million, to Coinbase Prime Deposit on Wednesday, according to data from Arkham Intelligence. 

This Bitcoin was forfeited during a trial in January 2024 when it was initially taken from narcotics dealer Banmeet Singh. This sudden shift in money may have contributed to the 1.5% decline in the price of Bitcoin on Wednesday by creating a sense of FUD (Fear, Uncertainty, Doubt) among traders. 

The German government moved 750 Bitcoin on Wednesday, worth $46.35 million, according to Lookonchain data. A lesser payment of 0.001 BTC to Flow Traders also raises the possibility of a test transaction or an intention to sell BTC through that organization. 

Recent transactions on the blockchain showed German authorities have moved 2,100 BTC, or $135.22 million, to websites including Coinbase, Bitstamp, and Kraken. At present, the German government owns 45,609 Bitcoin, which is worth $2.81 billion. 

The Bitcoin Miner to Exchange Flow (Total) indicator, according to CryptoQuant data, indicates the total amount of BTC sent from a mining pool to exchange wallets. A bearish trend is shown by increases in the measure, which show that many miners’ coins are exposed to selling, while a reduction in the metric indicates that just a small number of miners’ coins are exposed to selling, indicating reduced sell pressure. 

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Olumide Adesina
Olumide Adesina
Financial Market Writer
Olumide Adesina is a French-born Nigerian financial writer. He tracks, analyzes, and reports changes in financial markets with over 15 years of working experience in investment trading.
Related Articles
0 0 votes
Article Rating
Notify of
Inline Feedbacks
View all comments