The Bhutanese government recently sold part of its bitcoin holdings as the price surpassed the key $70,000 threshold. Although Bhutan still owns approximately $886 million worth of bitcoin, this sale could add selling pressure to the market, given that the country has been holding and mining bitcoin for over five years.
Bhutan Transfers Bitcoin to Binance
The Bhutanese government’s wallet transferred $66 million in bitcoin to the cryptocurrency exchange Binance, signaling plans to sell on this globally leading platform. According to data from Arkham Intelligence, these funds were moved in two transactions on October 29, shortly after bitcoin’s price crossed the $70,000 mark for the first time since June.

Key Price Levels and Their Impact
Price levels like $70,000 often bring volatility to the market and attract profit-taking. With the significant amount of bitcoin that the Bhutanese government holds, further selling pressure could impact the cryptocurrency’s price.

Bitcoin as a Source of Public Funding
Bitcoin mining has become an essential part of Bhutan’s economy, contributing, among other things, to a 50% pay increase for public sector employees. In 2023, Bhutan's bitcoin reserves accounted for more than 26.9% of its gross domestic product (GDP), which reached $2.9 billion.
According to local reports, revenue from mining by Bhutan’s investment fund, Druk Holding and Investments, was used to finance the wage increase for government employees in 2013. The South Asian country now holds twice as much bitcoin as El Salvador, which adopted bitcoin as legal tender over three years ago.

Macro Factors Driving Bitcoin’s Price Increase
Bitcoin’s price is also being driven by several global macroeconomic factors. These include China’s plan to secure a new $1.4 trillion debt, which, according to BitMEX co-founder Arthur Hayes, could present a “great buying opportunity” for bitcoin.

Analysts from Bitfinex also see the Chinese economic stimulus as a potential driver of demand for bitcoin. History shows that large financial injections can boost risk assets, as seen during the U.S. stimulus in 2020, which spurred bitcoin's growth.
U.S. Presidential Election Significance for Bitcoin
Additionally, bitcoin’s price is being bolstered by anticipation around the upcoming U.S. presidential election on November 5. A victory for former President Donald Trump, whose odds are rising, is seen as a positive signal for risk assets like bitcoin.
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The price is showing signs of recovery after a recent downtrend. The 4-hour chart indicates that BTC/USDT is attempting to establish an upward trend as it trades above some of the moving averages, though it’s still facing resistance.
Support and Resistance Levels
- Key Resistance: $60,381, marked by the recent peak, is the first significant resistance level.
- Key Support: $58,849, which is near the current price and also aligns with the 20-period MA, acts as immediate support. A stronger support level is at $57,318, a recent low.
Japanese Candlestick Analysis
- The recent green candles suggest bullish momentum, particularly after a doji-like structure which might indicate a potential reversal from the prior downtrend.
Moving Averages
- MA5 ($59,233) is close to the current price, indicating immediate market reaction and slight bullish momentum.
- The price is hovering around the MA40 ($59,367), which if broken upwards, could indicate further bullish movement.
- The MA20 ($58,886) is acting as support and may provide a strong base if the price retraces slightly.
MACD
- The MACD is crossing upward from a previously oversold condition, showing bullish divergence. This is a positive signal for a potential upward movement in the short term.
Volume Analysis
- Volume shows a mix of bullish and bearish activity, but recent candles with higher volume are green, supporting the short-term bullish outlook.
Conclusion and Recommendations
Short-Term Trading
- Entry Level: If the price sustains above $59,000, a long position can be initiated.
- Stop-Loss: Place it just below $58,500 to protect against a false breakout.
- Take Profit: Target $60,380 (resistance level), with a potential stretch to $61,900 if momentum strengthens.
Long-Term Trading
- Entry Level: Consider buying on a pullback to around $58,800 (MA20 support) if the price shows signs of support.
- Stop-Loss: Place it below $57,000 to avoid getting caught in a deeper correction.
- Target Level: Long-term targets could be $62,745 (previous high) and beyond if the bullish trend resumes strongly.
📈 Trading Recommendation:
Initiate a long position around $59,200, with a stop-loss at $58,500 and a take profit at $60,380.
Also Read: Learn how to find 100x gems
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