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The Bitcoin price dropped over 2% in the last 24 hours to trade at $68,546.23 at press time.
US Government Among Top Cryptocurrency Holders
According to data provided by Arkham, a crypto intelligence platform specializing in uncovering identities on the blockchain, the United States government stands as one of the leading holders of cryptocurrency, alongside other global counterparts such as the United Kingdom and Germany.
Our team created a dashboard featuring the Governments with the largest crypto holdings. For each country, you can see their current BTC balance, balance history in USD, and a real-time feed of their most recent transactions. Some of the largest countries on Arkham are the US,… pic.twitter.com/jKRmKJCVfn — Arkham (@ArkhamIntel) April 12, 2024
Arkham recently unveiled a dashboard highlighting the governments with the largest crypto reserves. This announcement, made on April 12, emphasized that the United States, the United Kingdom, and Germany rank prominently among the nations with substantial crypto holdings.
Through the newly introduced Arkham tracking tool, individuals can now monitor the real-time balances and transaction histories of cryptocurrencies held by various governments.
As per the data, the U.S. government emerges as the foremost Bitcoin (BTC) whale among the global entities monitored by Arkham, possessing approximately 212,847 BTC at the time of reporting. This holding translates to roughly $15 billion based on prevailing market prices.
Furthermore, apart from Bitcoin, the U.S. government also maintains holdings of other cryptocurrencies, including around $200 million worth of Ether (ETH) and significant amounts in major stablecoins like USDC and Tether (USDT).
The Bitcoin Price Drops Below Support
4-hour chart for BTC/USDT (Source: TradingView)
In the recent trading sessions, Bitcoin has exhibited a mixed pattern, with fluctuations between bullish and bearish sentiments. Analyzing the closing prices, the cryptocurrency commenced the period at $70,006.23, eventually climbing to $70,977.27. However, it faced resistance, leading to a slight decline to $69,481.28 before stabilizing at $70,904.01. The 9 EMA (Exponential Moving Average) tracked the short-term trend, ranging between $70,125.62 and $70,290.22, while the 20 EMA hovered within $69,969.25 and $70,136.38.
The Moving Average Convergence Divergence (MACD) indicator reflects oscillating momentum. MACD values varied throughout the period, indicating market indecision. At the beginning, the MACD was 241.08, climbing to 339.23, but with fluctuating histograms, showcasing uncertainty in market direction.
Relative Strength Index (RSI) values have been moderate, starting at 51.50 and peaking at 58.31. Despite minor fluctuations, the RSI has remained within a neutral range, suggesting a balanced market sentiment.
Key Levels to Watch
Considering the support and resistance levels, BTC faces crucial thresholds. Resistance levels at $69,499.85 and $69,568.46 present challenges for upward movements, while $70,183.55 serves as a pivotal point for bullish momentum. Conversely, support levels at $69,477.67, $69,180.0, and $69,000.77 offer potential buffers against downward pressure.
With regards to potential trading strategies, traders may consider the following scenarios:
Long Trades:
– Entry: If BTC breaches above $70,183.55 convincingly, indicating bullish momentum.
– Exit: Upon reaching resistance at $69,568.46 or observing signs of reversal.
– Stop Loss: Set below $69,180.0 to mitigate downside risks.
Short Trades:
– Entry: If BTC breaks below $69,477.67, signaling bearish continuation.
– Exit: Upon hitting support at $69,180.0 or witnessing a reversal pattern.
– Stop Loss: Placed above $69,568.46 to manage potential losses.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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