Bitcoin Price Prediction: As US Government Moves $2 Billion Into Silk Road BTC Despite Donald Trump's Promise, Traders Rush To 99 BTC For 'Easy' 100x Profits

bitcoin price fell 4% over the past 24 hours to trade at $66,716 at 00:14 am EST on trading volume that soared 87%.

The btc price drop followed reports that the US government moved $2 billion worth of btc to a new address.

Data Blockchain analytics platform Arkham Intelligence revealed the transaction. It traced the 29,800 bitcoin tokens from a government wallet storing bitcoin confiscated from the closed dark web marketplace Silk Road in 2022 to an unknown wallet address on July 29.

As with the German government, such transactions tend to attract attention amid fears of a potential sell-off.

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RIP:

The US government just transferred $2 billion worth of bitcoin to a new address:

bc1qsl993y04xnq4fyhmrt6cnmctgjjv9ukdvrk0cd image.twitter.com/JQvjKIuRNn

– Arkham (@ArkhamIntel) twitter.com/ArkhamIntel/status/1817962145985724629?ref_src=twsrc%5Etfw”>July 29, 2024

This comes just days after the bitcoin 2024 Conference, where former US President Donald Trump pledged to never sell any of the US government's bitcoin.

He pledged to create a “national btc strategic reserve” if he is re-elected. In addition to Trump’s comments, Wyoming Senator Cynthia Lummis also announced the introduction of legislation to make bitcoin a U.S. strategic reserve asset.

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We now have a bill to establish the United States bitcoin Reserve, stored in a digital Fort Knox. image.twitter.com/0RphRTpmk4

—Michael Saylor (@saylor) twitter.com/saylor/status/1817558477461455077?ref_src=twsrc%5Etfw”>July 28, 2024

Trump supporters wasted no time in criticizing the Biden administration, with Tyler Winklevoss sarcastically calling the development “a great look and a great way to reboot our industry.”

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On Saturday, twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw”>@realDonaldTrump pledged to never sell any of the US government's bitcoins. Two days later, the Biden-Harris administration transfers $2 billion worth of bitcoins from Silk Road. A cool image and a cool way to reboot our industry.

—Tyler Winklevoss (@tyler) twitter.com/tyler/status/1817992096541823037?ref_src=twsrc%5Etfw”>July 29, 2024

Galaxy CEO Mike Novogratz also commented on the transaction, calling it a “tone deaf” move by the Democratic administration.

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Is anyone deaf to their ears? Moving Silk Road btc two days after Trump's promise not to move them is just plain nonsense!

—Mike Novogratz (@novogratz) twitter.com/novogratz/status/1817962412403998918?ref_src=twsrc%5Etfw”>July 29, 2024

However, some say it may be related to a July 1 deal between the U.S. Marshals Service and cryptocurrency exchange Coinbase. According to a Coinbase report, the two parties signed an agreement, where Coinbase would “safeguard” crypto assets from the US government.

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You guys get scared every time big coins move.

Remember that the US Marshall *just* signed with Coinbase Prime to begin custody of government-held digital assets? https://t.co/wwxoFepggH image.twitter.com/WlroZvrblm

— Adam Cochran (adamscochran.eth) (@adamscochran) twitter.com/adamscochran/status/1817965844829454664?ref_src=twsrc%5Etfw”>July 29, 2024

bitcoin price maintains its bullish stance, and one trader anticipates a golden cross pattern on the 12-hour time frame. A golden cross is a technical analysis chart pattern that occurs when a short-term moving average crosses above a long-term moving average.

The pattern suggests that the overall trend is changing upwards and may indicate a possible increase in the price of the cryptocurrency. Traders often see this as a signal to buy or hold their positions.

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twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw”>$btc Golden cross approaching

The last time it happened, twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw”>$btc Increased by 174% in just 4 months

You are not optimistic enough! image.twitter.com/47ozJIdfQF

– Elja (@Eljaboom) twitter.com/Eljaboom/status/1817914491763634244?ref_src=twsrc%5Etfw”>July 29, 2024

Perhaps a catalyst that could help trigger this chart pattern is the upcoming Federal Open Market Committee (FOMC) meeting and Fed Chairman Jerome Powell's press conference.

FOMC decisions are critical because they directly influence economic conditions, inflation rates, and monetary policies. Therefore, investors across all markets, including the cryptocurrency sector, are eagerly awaiting this meeting.

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𝐁𝐢𝐠 𝐰𝐞𝐞𝐤 𝐟𝐨𝐫 𝐜𝐫𝐲𝐩𝐭𝐨 𝐡𝐨𝐥𝐝𝐞𝐫𝐬 twitter.com/hashtag/FOMC?src=hash&ref_src=twsrc%5Etfw”>#FOMC The meeting will take place on Wednesday.

The probability of no rate hike in July is currently almost 96%.

But things will get interesting in September, as there is currently a 90% chance of a rate cut in September. image.twitter.com/XjP9xczYEu

— Aaron crypto (@Satoshicrypto0) twitter.com/Satoshicrypto0/status/1817942048718176760?ref_src=twsrc%5Etfw”>July 29, 2024

Higher interest rates make borrowing more expensive, which negatively impacts risk assets. This is because traders use leverage to profit on risky assets like cryptocurrencies.

According to former Goldman Sachs executive Raoul Pal, the confluence of a weaker US dollar, a healthy correction in the Nasdaq and the US election could catapult the price of bitcoin to a new all-time high amid a “macro summer.”

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This confluence of events may take a little longer to play out, or it could happen with the FOMC. Who knows… but good times lie ahead.

Enjoy the Macro Summer.

— Raoul Pal (@RaoulGMI) twitter.com/RaoulGMI/status/1817882663979532326?ref_src=twsrc%5Etfw”>July 29, 2024

bitcoin Price Prediction Amid Concerns Over US Government btc Transaction

bitcoin price is trading with a bullish bias after completing a V-shaped recovery. However, the pioneer cryptocurrency faced a rejection from the $68,346 level. Despite the pullback, the odds are still in favor of the upside.

Looking at the Relative Strength Index (RSI), which remains above the mid-50 level, the bulls are still in play. Similarly, the Moving Average Convergence Divergence (MACD) is in positive territory, which underlines the bullish thesis.

Consequently, the correction could provide a good entry for late bulls as bitcoin price continues to hold above the 38.2% Fibonacci retracement level of $65,445.

A bounce above this support level could set the pace for an upward move towards the resistance level of $68,346. In a very bullish case, gains could see the pioneer cryptocurrency rise to reclaim the $73,036 threshold.

<img decoding="async" src="data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%201366%20768'%3E%3C/svg%3E" alt="bitcoin” width=”1366″ height=”768″ data-lazy-srcset=”https://technicalterrence.com/wp-content/uploads/2024/07/Bitcoin-Price-Prediction-As-US-Government-Moves-2-Billion-Into.png 1366w, https://insidebitcoins.com/wp-content/uploads/2024/07/BTC30-300×169.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/07/BTC30-1024×576.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/07/BTC30-768×432.png 768w” data-lazy-sizes=”(max-width: 1366px) 100vw, 1366px” data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2024/07/Bitcoin-Price-Prediction-As-US-Government-Moves-2-Billion-Into.png”/>

<img decoding="async" src="https://technicalterrence.com/wp-content/uploads/2024/07/Bitcoin-Price-Prediction-As-US-Government-Moves-2-Billion-Into.png" alt="bitcoin” width=”1366″ height=”768″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/07/Bitcoin-Price-Prediction-As-US-Government-Moves-2-Billion-Into.png 1366w, https://insidebitcoins.com/wp-content/uploads/2024/07/BTC30-300×169.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/07/BTC30-1024×576.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/07/BTC30-768×432.png 768w” sizes=”(max-width: 1366px) 100vw, 1366px”/>

eth/pools/0x4585fe77225b41b697c938b018e2ac67ac5a20c0″ target=”_blank” rel=”nofollow noopener”>GeckoTerminal: btc/USD 1-day chart

Conversely, if the downtrend continues, bitcoin price could drop below the $65,445 level. However, only a candle close below $53,165 would invalidate the bullish thesis.

Meanwhile, data from on-chain aggregator IntoTheBlock’s Global In/Out of the Money metric shows that the area between $66,738 and $69,725 offers strong resistance for the bitcoin price. Within this range, 2.7 million addresses have purchased 1.58 million btc at an average price of $68,082.

btc-GIOM.png.webp 1151w, https://technicalterrence.com/wp-content/uploads/2024/07/Bitcoin-Price-Prediction-As-US-Government-Moves-2-Billion-Into”https://technicalterrence.com/crypto/bitcoin/”>btc-GIOM-300×102.png.webp 300w, https://technicalterrence.com/wp-content/uploads/2024/07/Bitcoin-Price-Prediction-As-US-Government-Moves-2-Billion-Into”https://technicalterrence.com/crypto/bitcoin/”>btc-GIOM-1024×350.png.webp 1024w, https://technicalterrence.com/wp-content/uploads/2024/07/Bitcoin-Price-Prediction-As-US-Government-Moves-2-Billion-Into”https://technicalterrence.com/crypto/bitcoin/”>btc-GIOM-768×262.png.webp 768w” srcset=”data:image/svg+xml,%3Csvg%20xmlns=’http://www.w3.org/2000/svg’%20viewBox=’0%200%201151%20393’%3E%3C/svg%3E” data-lazy-sizes=”(max-width: 1151px) 100vw, 1151px”/>
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btc-GIOM.png” alt=”btc GIOM” width=”1151″ height=”393″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/07/Bitcoin-Price-Prediction-As-US-Government-Moves-2-Billion-Into”https://technicalterrence.com/crypto/bitcoin/”>btc-GIOM.png 1151w, https://technicalterrence.com/wp-content/uploads/2024/07/Bitcoin-Price-Prediction-As-US-Government-Moves-2-Billion-Into”https://technicalterrence.com/crypto/bitcoin/”>btc-GIOM-300×102.png 300w, https://technicalterrence.com/wp-content/uploads/2024/07/Bitcoin-Price-Prediction-As-US-Government-Moves-2-Billion-Into”https://technicalterrence.com/crypto/bitcoin/”>btc-GIOM-1024×350.png 1024w, https://technicalterrence.com/wp-content/uploads/2024/07/Bitcoin-Price-Prediction-As-US-Government-Moves-2-Billion-Into”https://technicalterrence.com/crypto/bitcoin/”>btc-GIOM-768×262.png 768w” sizes=”(max-width: 1151px) 100vw, 1151px”/>

bitcoin GIOM, Source: btc/deep-dive?group=financials&chart=inAndOut” target=”_blank” rel=”nofollow noopener”>In the block

The data also shows that at current prices, 80.86% of bitcoin holders have unrealized gains, compared to 10.33% of holders who have unrealized losses and 8.81% who have no losses.

Meanwhile, as bitcoin price faces a critical barrier, investors are flocking to 99Bitcoins (99BTC), a Learn-to-Earn token offering up to 672% in Annual Percentage Yield (APY) and with just 6 days left until its pre-sale closes.

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Join here! https://t.co/NXD7DAamqrtwitter.com/hashtag/99Bitcoins?src=hash&ref_src=twsrc%5Etfw”>#99Bitcoins twitter.com/hashtag/btc?src=hash&ref_src=twsrc%5Etfw”>#btc twitter.com/hashtag/crypto?src=hash&ref_src=twsrc%5Etfw”>#Cryptocurrencies twitter.com/hashtag/L2E?src=hash&ref_src=twsrc%5Etfw”>#L2E image.twitter.com/XMevJZHygh

— 99Bitcoins (@99BitcoinsHQ) twitter.com/99BitcoinsHQ/status/1817862906098114595?ref_src=twsrc%5Etfw”>July 29, 2024

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