However, the US government still holds $12.76 billion in crypto, with BTC and ETH at risk of supply surges. Crypto holdings included:
On July 29, the US government transferred $2 billion in BTC to two addresses, challenging Donald Trump’s crypto pledges. The US government transfer triggered an extended BTC retreat from a July 29 calendar month high of $69,912 to an August 3 low of $60,129.
Investors should remain alert amidst BTC-spot ETF outflows and oversupply risks. Stay updated with our latest news and analysis to manage exposures to BTC and the broader crypto market.
Technical Analysis
Bitcoin Analysis
BTC remained below the 50-day EMA while holding above the 200-day EMA. The EMAs affirmed the bearish near-term but bullish longer-term price trends.
A BTC move above the $64,000 resistance level and the 50-day EMA could bring the $69,000 resistance level into play. However, selling pressure may increase at the $64,000 resistance level. The 50-day EMA is confluent with the resistance level.
BTC supply-demand trend-related news requires consideration.
On the other hand, a break below the $60,365 support level and 200-day EMA could give the bears a run at the $55,000 handle and the July 5 low of $53,591.
With a 38.85 14-Daily RSI reading, BTC could drop to the $55,000 handle before entering oversold territory.
