On Wednesday morning, Bitcoin’s trading price surpassed $66,500, as a result of the US government’s actions that caused BTC to be sent to exchanges. The decline to a price of $65,444 on CoinMarketCap occurred as traders responded to the news that the US government had transferred Bitcoin (BTC) to cryptocurrency exchanges.
The fact that Bitcoin remains above $66k suggests the possibility of a short-term rebound. Analysts are optimistic about the flagship cryptocurrency’s rebound, as the price remains above $66k, which serves as a positive indication.
According to CryptoQuant experts, the prevailing sentiment is expected to improve as a significant number of Mt. Gox Bitcoin receivers are opting to hold onto their coins rather than selling them.
Bitcoin outflows from Kraken have been increasing, suggesting that consumers are refraining from selling and instead opting to retain their coins. Nevertheless, the present Bitcoin price has reached a point where individuals who have held BTC for 1-3 months might consider selling. If the price of BTC drops below the $66.5k level, it is likely to find support around the $63.6k level.
