Welcome to Extreme Investor Network, where we provide you with the latest insights and analysis on the stock market, trading, and all things Wall Street. Today, we have some intriguing information on the US government’s holdings in the crypto space.
Did you know that the US government still holds a whopping $12.76 billion in crypto, with Bitcoin (BTC) and Ethereum (ETH) at risk of supply surges? The breakdown of their crypto holdings includes 203,239 BTC ($12.35B), 50,524 ETH ($147.25M), and 121,734,000 USDT ($121.73M).
In recent news, on July 29, the US government made a significant move by transferring $2 billion in BTC to two addresses. This transfer not only made headlines but also challenged Donald Trump’s crypto pledges. As a result, we saw an extended retreat in BTC prices, dropping from a high of $69,912 on July 29 to a low of $60,129 on August 3.
Investors need to stay vigilant amidst BTC-spot ETF outflows and oversupply risks. It’s crucial to stay updated with our latest news and analysis to effectively manage your exposures to BTC and the broader crypto market.
Now, let’s dive into the technical analysis for Bitcoin. BTC has been hovering below the 50-day Exponential Moving Average (EMA) while holding above the 200-day EMA. The EMAs indicate a bearish near-term trend but a bullish longer-term trend.
If BTC breaks above the $64,000 resistance level and the 50-day EMA, we could see the $69,000 level come into play. However, selling pressure may increase at the $64,000 resistance level, as it aligns with the 50-day EMA.
On the flip side, a break below the $60,365 support level and the 200-day EMA could give the bears an opportunity to test the $55,000 mark and the July 5 low of $53,591. With a 38.85 14-Daily Relative Strength Index (RSI) reading, BTC could potentially drop to $55,000 before entering oversold territory.
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