Bitcoin Price Prediction: As US Government Moves $2 Billion Silk Road BTC Despite Donald Trump Pledge, Traders Rush To 99BTC For ”Easy” 100x Gains

The
Bitcoin
price
tumbled
4%
in
the
last
24
hours
to
trade
for
$66,716
as
of
00:14
a.m.
EST
on
trading
volume
that
soared
87%.

The
BTC
price
falls
followed
reports
that
the
US
Government
moved
$2
billion
worth
of
BTC
to
a
new
address.

Data from
blockchain
analysis
platform
Arkham
Intelligence
revealed
the
transaction.
It
tracked
the
29,800
Bitcoin
tokens from
a
government
wallet
that
stored
the
Bitcoin
seized
from the
shuttered dark
web
marketplace
Silk
Road
in
2022
to
an
unknown
wallet
address
on
July
29.

Like
it
happened
with
the

German
government,
such
transactions
tend
to
turn
heads,
amid
concerns
of
a
possible
sell-off.

BREAKING:

The
US.
Government
just
moved
$2B
of
Bitcoin
to
a
new
address:

bc1qsl993y04xnq4fyhmrt6cnmctgjjv9ukdvrk0cd

pic.twitter.com/JQvjKIuRNn

—
Arkham
(@ArkhamIntel)

July
29,
2024

It
comes
only
days
after
the
Bitcoin
2024
Conference,
where
former
US
president

Donald
Trump
pledged
never
to
sell
any
of
the
US
government’s
Bitcoin.

He
committed
to
create
a
“strategic
national
BTC
stockpile”
if
reelected.
Besides
Trump’s
remarks,
Wyoming
Senator
Cynthia
Lummis
also
declared
the
introduction
of
legislation
to
make
Bitcoin
a
strategic
reserve
asset
of
the
US.

We
now
have
a
bill
to
establish
the
United
States
Bitcoin
Reserve,
stored
in
a
Digital
Fort
Knox.

pic.twitter.com/0RphRTpmk4

—
Michael
Saylor⚡️
(@saylor)

July
28,
2024

Trump
supporters
wasted
no
time
lambasting
the
Biden
government,
with
Tyler
Winklevoss
sarcastically
calling
the
development
a
”great
look
and
great
way
to
reset
with
our
industry.”

On
Saturday,

@realDonaldTrump
pledged
to
never
sell
any
of
the
US
government’s
bitcoin.
Two
days
later,
the
Biden-Harris
Administration
moves
$2
billion
of
Silk
Road
bitcoin.
Great
look
and
great
way
to
reset
with
our
industry.
????

—
Tyler
Winklevoss
(@tyler)

July
29,
2024

Galaxy
CEO
Mike
Novogratz
also
commented
on
the
transaction,
calling
it
a
“tone
deaf”
move
by
the
Democratic
government.

Tone
deaf
anyone???
Moving
Silk
Road
BTC
two
days
after
Trumps
pledge
to
not
move
them
is
just
dumb!!!!

—
Mike
Novogratz
(@novogratz)

July
29,
2024

Nevertheless,
some
say
it
may
be
related
to
a
July
1
agreement
between
the
US
Marshalls
Service
and
crypto
exchange
Coinbase.
According
to
a
Coinbase
report,
the
two
parties signed a
deal,
where
Coinbase
would
“safeguard”
US
Government
crypto
assets.

You
guys
freak
out
any
time
large
coins
move.

Remember
that
US
Marshall’s
*just*
signed
with
Coinbase
Prime
to
start
custody
of
government
held
digital
assets?

https://t.co/wwxoFepggH

pic.twitter.com/WlroZvrblm

—
Adam
Cochran
(adamscochran.eth)
(@adamscochran)

July
29,
2024

The
Bitcoin
price
retains
its
bullish
stance,
with
one
trader
anticipating
a
golden
cross
pattern
on
the
12-hour
timeframe.
A
golden
cross
is
a
technical
analysis
chart
pattern
that
occurs
when
a
short-term
moving
average
crosses
above
a
long-term
moving
average.

The
pattern
suggests
that
the
overall
trend
is
shifting
to
the
upside
and
may
indicate
a
potential
increase
in
the
price
of
the
cryptocurrency.
Traders
often
see
this
as
a
signal
to
buy
or
hold
onto
their
positions.

$BTC
golden
cross
approaching
????

The
last
time
it
happened,

$BTC
pumped
174%
in
just
4
months

You’re
not
bullish
enough!????

pic.twitter.com/47ozJIdfQF

—
Elja
(@Eljaboom)

July
29,
2024

Perhaps,
one
catalyst
that
could
help
activate
this
chart
pattern
is
the
upcoming
Federal
Open
Market
Committee
(FOMC)
meeting
and
press
conference
by
Fed
chair
Jerome
Powell.

The
FOMC’s
decisions
are
critical
as
they
directly
influence
economic
conditions,
inflation
rates,
and
monetary
policies.
As
such,
investors
across
all
markets,
including
in
the
crypto
sector,
highly
anticipate
this
meeting.

????????????
????????????????
????????????
????????????????????????
???????????????????????????? #FOMC
meeting
is
happening
on
Wednesday.
 
Currently
the
probability
of
no
rate
hike
in
July
is
almost
96%.
 
But
things
will
get
interesting
in
September,
as
right
now
there’s
a
90%
probability
of
a
rate
cut
in
September.

pic.twitter.com/XjP9xczYEu

—
Aaron
Crypto
(@Satoshicrypto0)

July
29,
2024

Higher
interest
rates
make
borrowing
expensive,
which
negatively
impacts
risk-on
assets.
This
is
because
traders
use
leverage
for
gains
in
risk-on
assets
like
crypto.

According
to
former
Goldman
Sachs
executive 
Raoul
Pal,
the
confluence
of
a
weaker
US
dollar,
a
healthy
correction
on
the
Nasdaq,
and
US
elections
could
catapult
the
Bitcoin
price
to
a
new
all-time
high
amid
a
“macro
summer.”

This
confluence
of
events
maybe
take
a
little
more
time
to
play
out,
or
could
happen
with
the
FOMC.
Who
knows…
but
good
times
lie
ahead.

Enjoy
Macro
Summer.

—
Raoul
Pal
(@RaoulGMI)

July
29,
2024

Bitcoin
Price
Prediction
Amid
Concerns
Over
US
Government
BTC
Transaction

The
Bitcoin
price
is
trading
with
a
bullish
bias
after
completing
a
V-shaped
recovery.
However,
the
pioneer
crypto
faced
a
rejection
from
the
$68,346
level.
Despite
the
pullback,
the
odds
continue
to
favor
the
upside.

Looking
at
the
Relative
Strength
Index
(RSI),
which
continues
to
hold
above
the
mean
level
of
50,
the
bulls
remain
at
play.
Similarly,
the
Moving
Average
Convergence
Divergence
(MACD)
is
in
positive
territory,
accentuating
the
bullish
thesis.

Accordingly,
the
correction
could
provide
a
good
entry
for
late
bulls
as
the
Bitcoin
price
continues
to
hold
above
the
38.2%
Fibonacci
retracement
level
of
$65,445.

A
bounce
atop
this
support
level
could
set
the
pace
for
a
move
north
toward
the
$68,346
resistance
level.
In
a
highly
bullish
case,
the
gains
could
send
the
pioneer
cryptocurrency
ascend
to
reclaim
the
$73,036
threshold.

GeckoTerminal:
BTC/USD
1-day
chart

Conversely,
if
the
downtrend
continues,
the
Bitcoin
price
could
slip
below
the
$65,445
level.
Nevertheless,
only
a
candlestick
close
below
$53,165
would
invalidate
the
bullish
thesis.

Meanwhile,
data
according
to
on-chain
aggregator
IntoTheBlock’s
Global
In/Out
of
the
Money
metric
shows
that
the
area
between
$66,738
and
$69,725
offers
strong
resistance
for
the
Bitcoin
price.
Within
this
range,
2.7
million
addresses
hold
1.58
million
BTC
bought
at
an
average
price
of
$68,082.

Bitcoin
GIOM,
Source:

IntoTheBlock

The
data
also
shows
that
at
current
prices,
80.86%
of
Bitcoin
holders
are
sitting
on
unrealized
profit.
This
is
against
the
10.33%
of
holders
sitting
on
unrealized
losses,
and
8.81%
that
are
breaking
even.

Meanwhile,
as
the
Bitcoin
price
confronts
a
critical
barrier,
investors
are
flocking
to
99Bitcoins
(99BTC),
a
Learn-to-Earn
token
offering
up
to
672%
in
annual
percentage
rewards
(APY)
and
with
only
6
days
left
until
its
presale
closes.

According
to
Gossipator,
a
popular
YouTube
channel
with
over
11.6K
subscribers,
this
project
is
an
easy
way
to
100X
your
investment.

Promising
Alternative
To
Bitcoin

99BTC
is
the
native
cryptocurrency
for
the 99Bitcoins ecosystem,
a
long-established
educational
platform
that
is
pioneering
a
new
Learn-to-Earn
rewards
model.

The
groundbreaking
project
incentivizes
learning
through
a
unique
mix
of
gamification
and
a
leaderboard
reward
system.

This
ensures
users
feel
like
their
learning
is
bearing
tangible
and
therefore
spendable
benefits.
You
earn
crypto
while
learning
about
crypto.

????
Exciting
News!
????

We’ve
raised
over
$2.5
MILLION
in
the
$99BTC
presale!
????

The
presale
ends
on
August
6th,
2024.
Secure
your
spot
now!

Join
here!
????

https://t.co/NXD7DAamqr#99Bitcoins

#BTC

#Crypto

#L2E

pic.twitter.com/XMevJZHygh

—
99Bitcoins
(@99BitcoinsHQ)

July
29,
2024

If
you
would
like
to
join
investors
who
have
already
sent
more
than
$2.5
million
to
the
project,
you
can
buy
99BTC
tokens
now
for
$0.00115.
With
a
price
hike
coming
in
about
30
minutes,
buy
immediately
to
lock
in
the
best
deal.

Visit
and
buy
99Bitcoins
here.

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Read: