Bitcoin Struggles as Bhutan Sells BTC Holdings – Could $96K Be at Risk?

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Crypto Writer

Arslan Butt

Crypto Writer

Arslan Butt

Part of the Team Since

Sep 2022

About Author

Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More

Last updated: 

December 10, 2024

The cryptocurrency market is closely monitoring the Royal Government of Bhutan’s recent decision to sell a substantial portion of its Bitcoin reserves.

With BTC trading near $97,500, this strategic move has sparked analysis and debate among traders regarding its potential impact on market trends and sentiment.

Bhutan Offloads $40 Million in Bitcoin

Over the past two months, the Royal Government of Bhutan has sold 1,696 BTC, valued at approximately $139 million, at an average price of $81,999 per coin.

The latest transaction, reported by Arkham Intelligence, involved 406 BTC worth $40 million transferred to QCP Capital. This marks Bhutan’s strategic move to capitalize on Bitcoin’s recent price rally.

Despite these sales, Bhutan remains a major BTC holder, with a treasury balance of 11,791 BTC valued at $1.16 billion. Known for leveraging hydroelectric energy for mining, Bhutan has built a significant portion of its Bitcoin reserves through sustainable operations.

This continued holding positions Bhutan as the fourth-largest government holder of Bitcoin globally.

Why Bhutan’s Moves Matter

1. Market Impact: Bhutan’s periodic sales highlight a calculated effort to capitalize on Bitcoin’s price peaks while maintaining its long-term holdings.
2. Mining Strategy: Bhutan’s hydro-powered mining operations showcase a model of sustainable BTC accumulation, differentiating it from speculative buyers.
3. Investor Sentiment: While some fear these sales could pressure BTC prices, analysts remain bullish on Bitcoin’s trajectory, particularly for 2025.

Bitcoin Holds $97,500: Bulls Eye $98,000 While $96,000 Supports the Base

Bitcoin is trading at $97,487, marginally recovering from a 1.32% decline over 24 hours. On the 4-hour chart, BTC stays above its ascending trendline, with $96,000 serving as a pivotal support level. The Relative Strength Index (RSI) stands at 46.92, reflecting neutral momentum with a slight bearish tilt.

Key Levels to Watch:

• Immediate Resistance: $98,003, with further targets at $100,418 and $103,617.
• Support Zones: $96,000, followed by $95,490 and $92,194.
• EMA Indicators: The 50-day Exponential Moving Average at $98,310 currently limits upward movement.

If BTC breaks above $98,003, it could reignite bullish sentiment, targeting $100,418. However, a sustained drop below $96,000 may push prices toward $92,194, intensifying bearish momentum.

Conclusion

As Bitcoin stabilizes near $97,500, its trajectory hinges on key levels, including the $96,000 support and $98,003 resistance. Bhutan’s strategic Bitcoin sales underscore the complex dynamics influencing BTC prices.

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