How Bhutan’s $59M Bitcoin transfer sparked market fears!
Main Idea
Bhutan's $59 million Bitcoin transfer to Binance has sparked market fears, leading to potential selling pressure and stress in BTC's derivatives market, with indicators suggesting a short-term pullback.
Key Points
1. Bhutan transferred $59 million in BTC to a Binance address, raising concerns it may liquidate part of its $1.2 billion Bitcoin holdings.
2. Bitcoin's derivatives market shows signs of stress, with funding rates dropping below 0.01%, indicating unwinding of bullish bets.
3. BTC's price was down 0.85% at press time, with momentum indicators like RSI (53.2) and MACD hinting at short-term downside risk.
4. If selling pressure increases, BTC could retest support near $114,000, while reclaiming $118,000 would be needed to revive bullish momentum.
Description
With traders retreating and sovereign wallets in motion, BTC faces fresh volatility risk.
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