The US authorities shifted 10,000 BTC from the Silk Road confiscated address to Coinbase Prime on Monday, so traders should be wary.
Olivier Mammet, Gemini's Head of US OTC Trading, discusses short- to medium-term BTC pricing variables.
Bitcoin (BTC) is at $95,900 on Tuesday after a little drop Monday. After the US authorities moved 10,000 BTC worth $962.88 million from a Silk Road-seized wallet to Coinbase Prime, market sentiment cooled. Olivier Mammet, Gemini's US OTC Trading Head, discusses short-to-medium-term pricing factors.
Bitcoin falls below $95,000 after US government transfers 10K BTC.
Bitcoin fell in the Asian session but rebounded somewhat in early New York on Tuesday, trading about $95,900 following a minor loss on Monday. The US government moving BTC to exchange might cause a short-term drop to $90K if the decline continues.
Traders should be wary after the US government sold 29,799 BTC on July 29, causing Bitcoin to plummet almost 20% in value in a week. Large-scale government sales usually put pressure on sellers.
QCP's Tuesday report shows institutional demand optimism.
QCP's analyst says spot ETFs saw $350 million in inflows yesterday, while MARA Holdings has bought $618 million of BTC over the previous two months, following MicroStrategy.
The incoming White House party, SEC, and Treasury are expected to embrace crypto sector regulation.
Bitcoin Price Forecast: Correction to $90K
BTC may retest $90,000 if it pulls back.
The daily chart's Relative Strength Index (RSI) is 61, below its overbought level of 70, suggesting weak bullish momentum. On November 26, the Moving Average Convergence Divergence (MACD) indicator also crossed bearishly, signaling sales. The MACD displays growing red histogram bars below the neutral line zero, signaling Bitcoin's price may fall.
BTC might hit $99,588, its all-time high, if it keeps rising.