Token

Millions

Bitcoin

Spot

Grayscale Bitcoin Trust

<p>After rallying for seven straight days, the Bitcoin price finally reclaimed the $52,000 level for the first time in over two years. However,<a href="https://twitter.com/spotonchain/status/1757999094637924749?t=SGjBgAn44D19FG7DNRBvoQ&amp;s=19" target="_blank" rel="noopener noreferrer nofollow"> Spot On Chain </a>has identified two key upcoming events that could pose threats to Bitcoin’s short-term price action.</p>
<p>Genesis Approved to Sell $1.3B in GBTC <br>First, Genesis Trading was recently approved by a court to sell $1.3 billion worth of Grayscale Bitcoin Trust (GBTC) shares, totaling over 35 million shares, on February 15th. Spot On Chain notes that previous large-scale GBTC unlocks have preceded Bitcoin price drops.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="567" src="https://captainaltcoin.com/wp-content/uploads/2024/02/image-553-1024x567.png" alt="" class="wp-image-438602" srcset="https://captainaltcoin.com/wp-content/uploads/2024/02/image-553-1024x567.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-553-300x166.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-553-766x424.png 766w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-553-1536x850.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-553-2048x1133.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-553-271x150.png 271w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-553-100x55.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-553-633x350.png 633w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-553-788x436.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-553.png 900w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p><strong>US Government Plans Sale of Seized BTC </strong><br>Additionally, the analyst highlights that the US government recently filed notice to sell 2,875 BTC worth around $150 million that were seized from Silk Road. As one of the largest institutional Bitcoin holders, similar previous sales from the government coincided with price dips.</p>
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<p>With Bitcoin facing its highest level in two years, these pending sales present potential headwinds that could interrupt its momentum. However, determined buying support could help the cryptocurrency power through the turbulence.</p>
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<p>The post <a href="https://captainaltcoin.com/bitcoin-btc-price-faces-two-big-threats-to-short-term-ascent-following-key-us-government-approvals/" rel="noopener noreferrer nofollow">Bitcoin (BTC) Price Faces Two ‘Big Threats’ to Short-Term Ascent Following Key US Government Approvals</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Bitcoin (BTC) Price Faces Two ‘Big Threats’ to Short-Term Ascent Following Key US Government Approvals

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