USA sell Bitcoins from Silk Road Raid and bring the market in turbulence

USA sell Bitcoins from Silk Road Raid and bring the market in turbulence

The USA recently sold 8,200 Bitcoin (BTC), which were ensured during a raid on Silk Road, an illegal online marketplace. From July 21, 2023, 195,307 BTC is still owned by the US government, which she can sell on the market at any time. By selling the 8,200 BTC, Bitcoin's price has fallen significantly, which also had an impact on most other cryptocurrencies.

Despite this incident, however, the Bitcoin price could be stabilized and a cascade effect could be avoided. The investment company Blackrock is still optimistic (Bullish) in terms of Bitcoin and the acceptance of the first Bitcoin-Spot-ETF is getting closer.

In addition, all eyes in the industry are aimed at the upcoming halving of the Bitcoin. This event will take place in less than a year and is an important event because it halves the rewards for the digging of Bitcoin and thus reduces the offer.

In terms of the last Bitcoin course analyzes, the news that the company Ripple (XRP) was freed from a three-year legal dispute to a significant increase in the Bitcoin award. However, this upswing led to the fact that new demand and offer zones formed at short notice, which in turn led to a decline in the price. As a result, Market Maker had to collect liquidity.

on the daily chart, Bitcoin tries to break out of the trading range. However, it looks as if this trading range has just started and the cryptocurrency market may get stuck in this zone in the coming weeks. The offer zone is an area on the price diagram in which there is a high liquidity of sales orders. Market makers use these zones to benefit from the liquidity of the dealers.

The first price increase caused many retailers to place their sales stops in this area. Some positive dealers are waiting for the price of this level to reach (and break) to enter into long positions. On the other hand, the downward movement has created a demand zone in which dealers are caught, which have set rising prices and placed their buying stops at this level. As a result, Bitcoin could fall to around $ 25,000 to $ 25,000 in the coming weeks.

For short-term traders, the previous decline on July 20 could have created a new offer and demand zone in the 15-minute chart. Therefore, there is a possibility to achieve profits from 30% to 60% at short notice if a lever of 25x is used.