Bitcoin’s been a bit shaky lately. After a long period of staying around its all-time high, things have gotten less certain. Selling is up, and trading volume is down, leading some experts to think a bigger price drop might be on the way.
Bhutan’s Big Bitcoin Move
Adding to the uncertainty, investigators found that Bhutan’s government recently moved about $59 million worth of Bitcoin to a new address. This address had previously sent a small test transaction to a Binance account just a day before receiving the big chunk of Bitcoin. This has everyone wondering if Bhutan is planning to sell some of its Bitcoin. Bhutan still holds over $1.23 billion in Bitcoin, making them a major player.
Market Worries
This move comes at a bad time. The overall crypto market is looking a bit tired, and analysts are worried about Bitcoin falling below $110,000. Institutional investors are also pulling back, which isn’t a good sign.
There’s some hope that things will just settle into a period of sideways trading instead of a big crash. If Bitcoin can stay above $110,000-$112,000, it might avoid a major sell-off. But if big holders like Bhutan start selling more, that could really push the price down.
Bitcoin’s Price Struggle
Bitcoin is currently trading around $115,000 and is looking weak. It recently broke below a support level between $117,500 and $122,000. Technical indicators are showing bearish signs, and trading volume is down. If Bitcoin can’t get back above $117,000, a bigger price drop is likely. The $110,000-$112,000 range is a crucial support level. If that breaks, things could get much worse.