According to X user “AI_9684XTPA”, a suspicious 14-year-old Bitcoin (BTC) wallet has transferred 14,273 BTC to exchange via Galaxy Digital. The coin is valued at a whopping $1.67 billion. Over 10,000 BTC traded on Binance in just four hours, according to on-chain data. This movement coincides with Bitcoin’s latest price dip.
Will BTC face further fixes?
Bitcoin (BTC) has experienced one of the most important gatherings in the past few weeks. The assets rose to a new history of $122,838 on July 14th. The incredible gathering was due to an increase in ETF inflows from financial institutions and the Ministry of Corporate Finance. The price of BTC has since dropped to a level of $115,000.
Bitcoin has faced a significant price decline over the past few days, according to Coingecko’s BTC data. The original code fell 2.5% on daily charts, 3.2% on weekly charts and 1.6% on 14-day charts. BTC continues to maintain several profits on its monthly and annual charts, attracting 8.5% and 80% respectively.
BTC appears to have a supply gap at the level of $110,000 to $115,000. The assets could immerse in $110,000 before picking up steam. The latest revision could be due to an increase in profit production after assets rise to an all-time high. The increased volatility could have surprised retail investors.
The latest revisions to BTC may also be facilitated by future FOMC meetings. Market participants are eagerly awaiting the Federal Reserve’s stance on the US economy. Hawkish’s attitude could lead to a further decline in BTC prices. It is also possible that the Federal Reserve will cut interest rates after the next meeting. Rate reductions can lead to increased risky investments as borrowing becomes easier. We haven’t seen how the market will lurk over the next few weeks yet.
