- Bhutan offloads 402 BTC to QCP Capital, continuing its strategic Bitcoin management amid market fluctuations.
- Bhutan is currently the fourth-largest government Bitcoin holder in the world, with 11.4K BTC.
- As long support persists Bitcoin’s positive trend will continue; resistance close to $110,000 suggests a possible upswing.
The Royal Government of Bhutan has transferred 402 BTC, worth approximately $39.56 million, to QCP Capital. This transaction occurred just 35 minutes ago. Since Bitcoin’s price surged in late October, Bhutan has offloaded 1,696 BTC, totaling $139 million, at an average price of $81,999 per BTC. The government still holds 11.4K BTC, valued at $1.12 billion, across seven known wallets. Notably, Bhutan remains the fourth-largest government Bitcoin holder globally.
Bhutan’s Bitcoin Strategy and Market Impact
Besides strategic transfers, Bhutan has consistently adjusted its Bitcoin holdings. The latest transaction follows a history of calculated movements. On January 17, Bhutan moved 633 BTC to two new wallets but retained its holdings. Moreover, the last offload before today was on December 9, 2024, when 402 BTC were transferred via OTC with QCP Capital at approximately $98.7K per BTC.
This pattern suggests that Bhutan strategically manages its digital assets in response to market conditions. Additionally, this move highlights its active participation in institutional trading, primarily through Binance and QCP Capital. Consequently, such transactions impact liquidity, influencing Bitcoin’s price movements.
Bitcoin’s Price Action and Trend Analysis
Bitcoin continues to trade within an ascending channel, marked by key support and resistance levels. The price recently moved downward, testing the lower trendline before rebounding. Currently, Bitcoin trades around $96,673, following a low of $95,678. Significantly, the upper boundary extends beyond $110,000, indicating a strong resistance zone.
Moreover, Bitcoin’s upward trajectory with higher highs and higher lows remains bullish as long as the lower trendline holds. However, a breakdown below this level could signal a trend reversal.
Volume remains moderate, suggesting balanced market participation. If Bitcoin continues upward, the next resistance is near $110,000. A breakout beyond this level could push Bitcoin higher.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
