10,000 Silk Road Bitcoin (BTC) Worth $594M Has Moved to Coinbase Prime

BTC could fall to the $54,000 level if it breaches and closes a candle below the $58,300 level.

A wallet containing 10,000 Bitcoin (BTC), which was originally seized from the Silk Road dark web marketplace, has moved the BTC to Coinbase Prime, according to a tweet by security intelligence firm Arkham on August 14, 2024.

The wallet address “bc1ql” received 10,000 BTC from a known US Government wallet two weeks ago. This BTC was then sent on to 33J, a Coinbase Prime deposit wallet, as stated by the firm.

“A very interesting development considering this BTC is expected to be sold in the market,” said Arkham.

The move comes after a significant 33,105 Bitcoin (BTC) worth $2.19 billion was moved from the Mt Gox. wallet recently, as reported by Blockchain.News.

Bitcoin Price Impact

The massive BTC transfer has had an impact on the price of Bitcoin, which is trading near $59,000 and has experienced a price decline of over 3.5% in the last 24 hours.

Meanwhile, BTC’s trading volume has also dropped by 4% during the same period, showing that the participation from investors and traders is reducing.

According to CoinMarketCap, the world’s largest cryptocurrency is now trading at $58,963, with a market capitalization of $1.13 trillion.

Bitcoin Price Prediction for August 2024

Expert technical analysis hints at BTC turning bearish as it once again moves below the 200 Exponential Moving Average (EMA) on a daily time frame, following this massive price decline in the last 24 hours.

Moreover, BTC has been continuously moving in a tight range between $58,300 and $61,460 levels for the last four trading days. However, there is a high chance that it could fall to the $54,000 level if it breaches and closes a candle below the $58,300 level and even more.

This bearish outlook for BTC has also been observed in its open interest data. According to an on-chain analytic firm CoinGlass, BTC’s open interest has dropped by 1.5% in the last 24 hours, indicating a lack of investors’ and traders’ interest.

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