Bitcoin Price Prediction: As BTC Loses Momentum And Drops Below $108K, SpaceX Starts Moving Assets – Is a Reversal Coming?
Bitcoin slipped beneath $108,000 on Tuesday as momentum pale and merchants turned cautious after final week’s failed rebound. The transfer coincided with SpaceX transferring greater than $268 million in BTC to new wallets following months of inactivity, sparking dialogue about institutional positioning and whether or not a short-term reversal is close to.
SpaceX Transfers $268 Million in BTC
On-chain information reveals SpaceX shifted 2,490 BTC (price roughly $268.4 million) to 2 new wallets after a three-month pause. Blockchain tracker OnchainLens recognized the transfers, 1,197 BTC to handle bc1qq787… and 1,298 BTC to bc1qj7en…, each related to Coinbase Prime Custody.
According to Arkham Intelligence, SpaceX now holds 5.79K BTC valued at about $626.9 million, down 2.2% as Bitcoin costs softened. Analysts say the transfers possible mirror inner custody administration or migration to institutional chilly storage slightly than outright gross sales.
While not indicative of liquidation, such massive strikes typically set off warning amongst merchants, resulting in short-term volatility or leveraged place resets.
Key Takeaways:
- SpaceX holds roughly 5,790 BTC price $627 million.
- Recent transfers totaled $268 million in BTC.
- The timing aligns with Bitcoin’s transient dip beneath $108K.
Bitcoin Price Prediction: BTC Tests $107,400 Support as Bulls Defend Rising Channel
Bitcoin is hovering close to $107,400, the place its rising channel’s decrease boundary meets the 20-EMA, a key short-term assist. Price motion reveals patrons trying to defend construction as sellers check near-term momentum.
Since mid-October, BTC has printed larger lows, suggesting accumulation regardless of transient corrections. Yet the bearish engulfing candle close to $110,400 alerts fatigue at resistance. The RSI round 45 and a flat 50-EMA level to consolidation slightly than reversal.
If BTC holds above $107,400, upside targets lie at $111,700 and $115,900. A drop beneath might expose $104,400 and $101,100.
Trade Setup:
- Aggressive merchants: Long close to $107,500, cease $106,900, goal $111,600.
- Conservative merchants: Wait for a shut above $109,000 for affirmation.
Maintaining this rising channel stays important to preserving Bitcoin’s short-term bullish outlook.
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