July 30, 2024 Grandpa checks in
On-chain data shows that a large amount of movement occurred at an address marked as "U.S. Government: Silk Road Justice Department". First, 29,800 BTC were transferred to a new address, and then divided into 19,800 and 10,000 BTC and transferred out again. This movement may be a regular movement or it may be for selling. In particular, the probability of 10,000 BTC being transferred to a service agency is higher.
Although there is no evidence that these coins were sold, this wave of market decline must have been affected. After failing to hit 70,000, Bitcoin fell below 66,000. Of course, even if there was no US Department of Justice incident, the market would have adjusted, which I also explained yesterday. However, if the transfer of tokens was indeed for selling coins, the price of Bitcoin would have fallen further.
Now the market is expecting the pressure above 70,000 to be broken, including myself, but objectively speaking, the probability is not high, especially after a false breakthrough. As for how low it can go, it depends entirely on the selling pressure of the market. Theoretically, there is no special shipment, and the probability of the main force suppressing the market is not high, but if the US Department of Justice has a multi-billion address to ship, it will definitely be used by the main force.
The recent market is expected to have a large amplitude range. At present, 60,000 is conservative, and the strong support of Ethereum is still around 3000. If the price reaches the support range again, especially if it continues to fall below, I would suggest that you boldly build positions. The bargain-hunting funds sold at high levels are prepared for the market to fall.
Thank you for your attention and likes.
