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Nearly 40,000 Bitcoins Belonging to US Government Are on the Move

Bitcoin continues to show weakness and selling pressure as it breaks under crucial support levels. The BTC price can fall under $20,000.
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Nearly 40,000 Bitcoins Belonging to US Government Are on the Move

Over the last week, the world’s largest cryptocurrency Bitcoin (BTC) has been under selling pressure. As of press time, Bitcoin is trading 1.59% down at a price of $22,118 and a market cap of $23 billion.

On-chain data provider Glassnode recently reported that nearly 40,000 Bitcoins from wallets linked to the US Government law enforcement seizures are currently on the move. While a majority of them appear to be internal transfers, some of them have also moved to the crypto exchange Coinbase.

Glassnode notes: “approximately 9,861 $BTC seized from the Silk Road hacker have been sent to our Coinbase cluster”. 

Courtesy: Glassnode

As said, Bitcoin has continued to face selling pressure and shows weakness on the charts as well! Citing data from IntoTheBlock, popular crypto analyst Ali Martinez reported:

Bitcoin dropped below a critical area of support between $23,050 and $23,730, where 1.63 million addresses bought over 910,000 $BTC. Failing to regain this area as support could trigger a sell-off that pushes #BTC to $20,700 or even $19,300.

Courtesy: IntoTheBlock

On the other hand, the total number of Bitcoin addresses holding more than 1,000 Bitcoins has also dropped over the last week. Nearly 24 such Bitcoin addresses have redistributed their Bitcoins and dropped from the network over the last week.

Courtesy: Glassnode

Bitcoin and Macros

Currently, Bitcoin bears seem to be in a dominant position over the bulls. As Bitcoin continues to dip under its crucial support levels, some analysts are also predicting that the BTC price can fall further under $20,000.

On the other hand, the macro factors don’t seem to be supporting any further rally as of now. While testifying ahead of the US Congress on Tuesday, Fed Chairman Jerome Powell that the central bank will continue with more rate hikes and is committed to bringing inflation under 2%.

On Tuesday, a judge at the US court grilled the SEC over its denial of the spot Bitcoin ETF. As a result, the GBTC share price rallied further.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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