Bitcoin (BTC) Price Faces Rejection At $64,000 As US Govt. Moves $1 Billion in BTC

The world’s largest cryptocurrency Bitcoin (BTC) has been on an unstoppable price rally with the BTC price surging all the way to $64,000. Interestingly, the Bitcoin price is just 10% away from hitting a new all-time high, thereby keeping investors on the edge of their seats.

Also, the massive trading activity registered by the Bitcoin ETFs, and the euphoria around the upcoming Bitcoin halving is keeping the bulls charged up.

Bitcoin (BTC) Price Faces Brief Rejection At $64,000

As the Bitcoin price rallied all the way to $64,000, it faced some rejection at $63,750 after which it reversed partially. At press time, Bitcoin is still trading 8.26% up on a 24-hour chart at a price of $61,686 and a market cap of $1.21 trillion.

Within a span of 12 hours, the entire crypto market witnessed liquidations totaling $580 million, comprising $308 million from long positions and $276 million from short positions, as per data from Coinglass.

However, after facing a pushback under $60,000, the BTC price is once again inching upwards backed by solid on-chain metrics. The Bitcoin on-chain activity has reached levels not seen since 2022. As per on-chain data provider Santiment, the metrics speak volumes:

• A staggering $35.37 billion in on-chain transaction volume.
• Over 283,000 unique tokens have been moved.
• Notably, there have been 3,661 whale transactions, each worth $1 million or more.

📊 Justifying #Bitcoin‘s historic run to a $64K high today, #onchain activity on #crypto‘s top network has already exceeded levels not matched since 2022.

📌$35.37B in #onchain transaction volume
📌283K unique tokens moved
📌3,661 $1M+ whale transactions pic.twitter.com/EKVWgC2bWa

— Santiment (@santimentfeed) February 28, 2024

According to crypto analyst Ali Martinez, Bitcoin currently faces no significant resistance ahead. Instead, a substantial support barrier is evident between the price range of $54,300 and $56,200. Within this range, approximately 903,540 addresses have accumulated nearly 500,000 BTC, indicating strong buying interest and reinforcing the support levels for Bitcoin.

U.S. Government Moves $1 Billion in Bitcoin

One of the wallets, identified by blockchain-data firm Arkham Intelligence as holding seized Bitfinex hacker funds on behalf of the US government, initiated the transfer of 1 BTC around 18:39 UTC (1:39 pm ET). Approximately thirty minutes later, the remaining 2,817 BTC from the wallet were also sent out, effectively emptying the wallet. Together, these transactions amounted to around $173 million worth of bitcoin.

Subsequently, another wallet holding about 12,300 BTC transferred 0.01 BTC to an unidentified address, as reported by Arkham Intelligence. Shortly afterward, the remainder of the BTC from this wallet was also transferred out. These transfers totaled approximately $750 million, bringing the combined value of bitcoin transferred from the two wallets to about $923 million, based on the current price of the leading cryptocurrency.

Well, this could mean that the US government could exert some selling pressure on the BTC. However, $1 billion in sell-off is less than 0.01% of the total Bitcoin market cap. On the other hand, whistleblower Edward Snowden suggested that US govt. could be secretly buying Bitcoins this year to reduce its national debt.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.