U.S. Government Moves Seized BTC to Coinbase; Market Eyes $72K Resistance

• U.S. Government transfers 58.742 BTC from dark web seizures to Coinbase Prime account.
• Analyst predicts Bitcoin might exceed $70,000, eyeing a new resistance at $72,091.93.
• The recent peak at $67,498 suggests strong upward momentum for Bitcoin’s market value.

Bitcoin, a leading digital currency, has seen a notable transaction in the past 24 hours. The U.S. Government transferred 58.742 BTC, valued at approximately $3.96 million, to a Coinbase Prime account. This transfer, carried out at 1:59 UTC+8, involved bitcoins that were previously seized from Ryan Farace, a convicted narcotics trafficker on the dark web.

The U.S. Department of Justice has seized 2,933 BTC from transactions linked to Farace and his associates. Currently, the U.S. Government’s Bitcoin reserves amount to 213,239 BTC, estimated to be worth around $14.397 billion. 

This significant reserve highlights the ongoing efforts to intercept and secure funds associated with illegal activities and ensure their secure holding.

Crypto analyst VellaCryptoX recently shared insights on X about Bitcoin’s potential market movements. Highlighting two key scenarios, the analyst is closely watching the possibilities for a price reversal. 

First, Bitcoin could sweep past the recent peak of $67,000. Alternatively, it might drop to the low experienced on Monday.

Bitcoin’s price has been climbing steadily, reaching a high of $67,498. VellaCryptoX pointed out that breaking through the $70,000 barrier could lead Bitcoin to test a new resistance level at $72,091.93. Yet, traders should be cautious as the analysis also marks Monday’s low of $65,267.97, which might be a support level if Bitcoin retreats.

Bitcoin witnessed a notable fluctuation throughout the day. Starting at a higher mark, the price dipped before making a mid-day recovery, only to fall sharply again in the early morning hours. Bitcoin is trading at $66,737.14, marking a 1.43% decline over the last 24 hours.

According to the market data, Bitcoin’s trading volume has surged by 48.40% compared to the previous day, indicating a heightened level of trading activity amidst these price changes. The overall market capitalization has slightly decreased by 1.43%, now at approximately $1.317 trillion.