Bitcoin’s Defense at $60K
Recently, the US government transferred 3,940 BTC to Coinbase Prime, escalating concerns about a potential sell-off and its impact on Bitcoin’s price. Despite the negative sentiment, QCP Capital analysis suggests that Bitcoin will be able to withstand the $60,000 support level for the following reasons:
- The German government has reduced BTC transfers to exchanges, possibly indicating a halt in their selling activity
- Bitcoin ETFs saw net outflows, signaling a favorable environment for accumulation
This interpretation implies that Bitcoin might be gearing up for a significant uptrend.
Bitcoin gearing for an Upward Movement?
According to CryptoQuant’s research, there are indications that Bitcoin has found a local bottom. The futures market saw a $3 billion decrease in Open Interest due to long liquidations, and funding rates for perpetual contracts approached zero, suggesting a balanced and healthier market.
- The recent drop below $60,000 attracted significant buying interest
- Holders added 7,130 BTC to their wallets, worth around $436 million
This accumulation marked the highest net inflow since May, hinting at investor confidence in a potential price increase.
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