Bitcoin (BTC) Price Faces Two ‘Big Threats’ to Short-Term Ascent Following Key US Government Approvals
After rallying for seven straight days, the Bitcoin price finally reclaimed the $52,000 level for the first time in over two years. However, Spot On Chain has identified two key upcoming events that could pose threats to Bitcoin’s short-term price action.
Genesis Approved to Sell $1.3B in GBTC
First, Genesis Trading was recently approved by a court to sell $1.3 billion worth of Grayscale Bitcoin Trust (GBTC) shares, totaling over 35 million shares, on February 15th. Spot On Chain notes that previous large-scale GBTC unlocks have preceded Bitcoin price drops.
US Government Plans Sale of Seized BTC
Additionally, the analyst highlights that the US government recently filed notice to sell 2,875 BTC worth around $150 million that were seized from Silk Road. As one of the largest institutional Bitcoin holders, similar previous sales from the government coincided with price dips.
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Show more +With Bitcoin facing its highest level in two years, these pending sales present potential headwinds that could interrupt its momentum. However, determined buying support could help the cryptocurrency power through the turbulence.
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