Four Key Dates to Keep Eye On For Potential Bitcoin Selling

Bitcoin price has been struggling below the $30K psychological level, the level last seen in June 2022,  making investors anxious about the future prospects of the largest cryptocurrency by market cap. Though Bitcoin gained almost 45% in the Q1 2023, according to a tweet from the crypto tracker Cryptoquant, four dates,including May 26, August 7, October 19, and December 30,2023 could witness additional selling pressure in the pioneer cryptocurrency.

On April 17, CryptoQuant tweeted sharing the “four crucial dates that may exert additional selling pressure on Bitcoin”: 

The primary reason for the action might be the  Bitcoin holding’s selling from the US government, including the assets that were seized from the Silk Road web case. On March 14, the US lawmakers confirmed the sale of 9,800 BTC for a total of $215.7 million, a week after the transactions on March 7.

Notably, The US government has been planning to sell 41,491 bitcoin in four trenches on the mentioned dates. By looking at the dates, its seems they follow some kind of pattern. The dates  are calculated by the number of days in a year by the number of batches that is 73 days.

It would be interesting to see if there will be any synchronicities in the price action as well.

Technically speaking, the Bitcoin price is under the selling pressure. The formation of multiple Doji candlestick near the high of $31,035 indicates an indecision among investors. The Bitcoin price started the new trading week on a lower note below the $30k mark with a strong red candlestick.

If the selling pressure persists, the price could test the 0.78% Fib. retracement level at $28,601, which is a critical support zone. In the absence of any buying interest the selling might continue dragging the price toward 0.61 Fib. retracement levels $26,668.On the flip side, a daily close above $30k would invalidate the bearish thesis.