🚨🚨⚠️ Panic in the Crypto Market: 10,000 BTC Transfer Sparks Bitcoin Plunge!
➡️Massive Bitcoin Transfer Sparks Market Volatility:
The crypto world was rocked on Wednesday as the US government transferred 10,000 Bitcoin, valued at around $590 million, from a seized Silk Road wallet to a Coinbase Prime deposit address. This massive move triggered a 3.3% dip in Bitcoin's price, pushing it below the critical $60,000 support level, now trading at approximately $59,130.
**Coinbase Partnership: A Double-Edged Sword?**
Despite the panic, it's crucial to note that Coinbase's role as the custodian of these assets might not immediately lead to selling pressure. The US Department of Justice has partnered with Coinbase Prime to manage and dispose of its "Class 1" digital assets, potentially holding the BTC rather than liquidating it. However, if the authorities shift their strategy, the market could see further turbulence.
➡️📊 Vital Resistance and Support Levels to Watch:
Crypto analyst Daan Crypto Trades highlights key levels that could determine Bitcoin's next move:
➖Resistance Levels:Bitcoin must break above the 200-day EMA at $59,468 and the 200-day MA at $62,274 to sustain any medium-to-long-term bullish momentum. So far, the cryptocurrency has struggled to consolidate above these critical levels.
➖Support Levels: The $56,530 mark is identified as a crucial floor to prevent a potential 20% correction similar to the one seen at the beginning of August. If Bitcoin fails here, the next support level to watch is $52,990.
As Bitcoin navigates these vital thresholds, traders should brace for possible turbulence and keep a close eye on these critical levels. 📉
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