The price of BTC has dropped by close to 8% in the last 3 days and has started to trade below the $60000 psychological level again.
The price of BTC has dropped by close to 8% in the last 3 days and has started to trade below the $60,000 psychological level again. This has raised questions about why it is going down again when many retail traders are expecting a pump.
To answer this question, the YouTube channel CryptosRUs made a 45-minute-long video to explain what is happening and what to expect in the future.
The analyst began by saying that sentiment around the US market is looking good, but Bitcoin has continued to struggle for a couple of days. The video attempted to explain why the Bitcoin price is not heading higher yet.
The US Government as the Biggest Entity Catalyzing the Price Drop
The analyst mentioned that the US government is the biggest entity catalyzing the price drop. The government has started to sell some confiscated tokens which has created some negative sentiment in the market.
There was a 2,000 Bitcoin transfer to Coinbase, and then shortly afterward, we had another 4,000 Bitcoin being transferred to Coinbase Prime, and just yesterday we had a whooping 10,000 Bitcoin sent to Coinbase Prime.
Cumulatively, that’s close to a billion dollars of Bitcoin being sold. This significant amount of Bitcoin being sold by the US government is likely why the price of Bitcoin has been going down.
The analyst thinks that it is becoming more politically driven, noting that the government is focusing on billion-dollar sales when it has more than $35 trillion in debt.
Growing Institutional Confidence Gives Recovery Hopes
However, the analyst expresses confidence about the price recovery. He also said BlackRock has not been selling their BTC, which shows their confidence in the market. They have further demonstrated this confidence by taking in $3 million worth of BTC.
The presenter thinks the CEO of BlackRock, Larry Fink, is doing what he can to accumulate BTC. He wants to control Bitcoin and acquire as much as he can. He’s already the third-largest holder in the world, and he’s expected to become number one eventually.
Central banks around the world are also looking to implement a Bitcoin strategy now through MicroStrategy.
The bottom line is that the United States government is selling a lot of Bitcoin, while those who understand its value are accumulating it.
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