Selloff Ahead? $594 Million Bitcoin Moves to Coinbase Prime

After a significant 33,105 Bitcoin (BTC) worth $2.19 billion move from Mt Gox. wallet, another wallet moved a significant BTC to Coinbase Prime. 

On August 14, 2024, security intelligence firm Arkham made a post on X stating that the wallet address “bc1ql,” which received 10,000 BTC worth $593.5 million from the US Government wallet two weeks ago, has recently transferred to Coinbase Prime. 

Silk Road 10K BTC moves to Coinbase Prime

According to Arkham, this massive BTC was originally seized from the Silk Road dark web marketplace. In a very short period, such a significant BTC which is expected to be sold in the market is creating a concern among the investors and traders. Apart from this, it has the potential to impact the overall cryptocurrency market. 

Impact on Bitcoin Price

However, an impact has been seen on the BTC, as it is trading near $59,000 and has experienced a price decline of over 3.5% in the last 24 hours. Meanwhile, BTC’s trading volume has also dropped by 4% during the same period. This shows that the participation from investors and traders is reducing.

Bitcoin Price Prediction for August 2024

With this massive price decline in the last 24 hours, expert technical analysis hints BTC looks bearish, as it once again moves below the 200 Exponential Moving Average (EMA) on a daily time frame. 

Additionally, BTC has been continuously moving in a tight range between $58,300 and $61,460 levels for the last four trading days. However, there is a high chance that it could fall to the $54,000 level if it breaches and closes a candle below the $58,300 level and even more.

This bearish outlook for BTC has also been observed in its open interest data. According to an on-chain analytic firm CoinGlass, BTC’s open interest has dropped by 1.5% in the last 24 hours, indicating a lack of investors’ and traders’ interest.