The Great Immortal said about the coin: On July 30, the US government transferred 10,000 bitcoins, and the price spiked to 65,800

Bitcoin broke through the $70,000 mark again last night at 9 PM after a month and a half, but selling pressure quickly emerged, and around midnight, it rapidly fell below $67,000. After fluctuating until the early morning, it even dropped to around $65,868. As of the time of writing, the price is quoted at $66,840, down 2.43% in the last 24 hours.
The reason for the rapid drop last night, besides the $70,000 being a significant resistance level, was that the U.S. government transferred 29,800 Bitcoins (worth about $2 billion) to a new unmarked address close to midnight. Among these, a transfer of 10,000 Bitcoins worth $670 million may have been sent to an institution, triggering market sell-off sentiment.
On Sunday, Trump pointed out in his speech at the 2024 Bitcoin Conference that the Bitcoin currently held by the U.S. government would not be sold, but the very next day, 29,800 Bitcoins were transferred out, sparking considerable discussion.
At the same time, Mt. Gox transferred 0.02 Bitcoins to a location address around 7:30 AM today, possibly for testing purposes. Although the intent of this action is uncertain, it again triggered panic in the market. After briefly falling below $66,000, Bitcoin quickly rebounded above $66,000.
Bitcoin 4-hour chart
First, according to the Bollinger Bands indicator on the 4H Bitcoin chart, the current price is running between the middle and lower bands, and is close to the lower band. The Bollinger Bands are opening downwards, indicating that the current price is in a weak state. The price is near the lower band, which may form support around this area; however, if the lower band support fails to hold effectively and continues to decline, it may lead to further downward movement.
Second, based on the KDJ indicator on the 4H Bitcoin chart, both the K line and D line values are at low levels, and the J line value is approaching the oversold area at 20, indicating a possibility of a rebound in the short term. If the K line can break above the D line to form a golden cross, a rebound may occur, but currently, there is no clear golden cross signal.
Finally, according to the MACD indicator on the 4H Bitcoin chart, the DIF line has crossed below the DEA line to form a death cross, which is a very strong bearish signal. The market may continue to decline, and the MACD green histogram is gradually increasing, indicating that selling pressure is strengthening, and Bitcoin's price may continue to move downward.
Bitcoin 1-hour chart
First, according to the Bollinger Bands indicator on the 1H Bitcoin chart, the upper, middle, and lower bands are gradually narrowing, indicating that market volatility is decreasing. The current price is running near the middle band, and it may operate below the middle band while attempting to break through it, but has not succeeded, which may form resistance near the middle band.
Second, based on the KDJ indicator on the 1H Bitcoin chart, the K line and D line values are showing signs of turning down from high levels, while the J line value is at a lower position, indicating potential downward pressure in the short term. However, it is important to note that if the K line and D line values turn back up in a short period, it may signal a rebound.
Finally, according to the MACD indicator on the 1H Bitcoin chart, the DIF line and DEA line are close to the zero axis, and the green energy bars have shortened. This indicates that bearish sentiment is slowing down, and there may be some rebound pressure in the short term.
Comprehensive analysis: Based on the 4H and 1H Bitcoin charts, there is a certain possibility of a rebound in the short term, but the overall trend still leans towards weakness.
In summary, the following suggestions are provided for reference:
Sell Bitcoin in batches at $67,500-$67,800 on the rebound, targeting $66,200-$65,800, with a stop loss at $68,300.

Time of writing: (2024-07-30, 16:40)