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

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CoinEagle.com

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