Key facts
- The Royal Government of Bhutan transferred 300 BTC to a new wallet.
- The transaction is valued at approximately $19.3 million.
- Bhutanese government-linked wallets have previously sold over $43 million in Bitcoin.
- Bitcoin is approaching the $65,000 resistance level.
- Miners have sold 1,648 BTC in the last ten days.
The Royal Government of Bhutan has again moved 300 Bitcoin, valued at approximately $19.3 million, to a new wallet, sparking concerns of a potential selloff among market participants. This transaction follows previous sales by Bhutanese government-linked wallets totaling over $43 million in early July.
The Bitcoin price is currently testing a significant resistance zone between $63,000 and $65,000. Analyst Ali Martinez noted that around 623,000 BTC previously changed hands near the $63,111 level, which could create selling pressure. Additionally, Bitcoin miners have been booking profits, having offloaded 1,648 BTC in the past ten days. Despite these pressures, Bitcoin was trading near $64,768 at the time of writing, with prediction markets indicating it is unlikely to drop below $60,000 in August.