Cryptocurrency Markets Trade Lower as U.S. Government Moves 10,000 BTC to Unknown Wallet

Notable Developments: U.S. government moved 10,000 BTC to an unknown wallet. The latest CPI data release showed that inflation is still elevated.

Cryptocurrency markets traded lower on August 11 after the U.S. government moved 10,000 BTC to an unknown wallet and the latest Consumer Price Index (CPI) data was released.

After a brief rally in the morning, cryptocurrency markets traded lower on Thursday. The total cryptocurrency market capitalization fell by 1.1% to $1.21 trillion.

Among the top 20 cryptocurrencies, Solana (SOL) and XRP (XRP) both saw gains of over 2%. Meanwhile, Dogecoin (DOGE) and Litecoin (LTC) both declined by over 2%.

Bitcoin (BTC) traded down by 0.3% at $24,600. On Wednesday, the U.S. Department of Justice announced that it had seized 10,000 BTC, which were stolen during the 2016 Bitfinex hack. The BTC, which were valued at $250 million at the time of the seizure, are now worth around $246 million.

Bitcoin price chart on August 11, 2023. See the BTC price in real-time or over a period of time.

Bitcoin's price movements over the past 24 hours / Benzinga Pro

Bitcoin began the week trading around $23,000 before rallying to highs of $24,800 on Tuesday. The highs of the week were followed by a brief pullback, with lows of $24,400 being hit on Wednesday. Bitcoin was trading in a tight range on Thursday, with resistance seen near $24,800 and support seen near $24,400.

Cryptocurrency Trader and Investor Notes:

Investor and entrepreneur Ted Pillows noted that his timeline has turned bearish, and people are calling for a Bitcoin price of $38,000 to $40,000. He drew parallels that Bitcoin has always consolidated below all-time highs for a prolonged period and said, "read past Bitcoin cycles, and you’ll realize that we’re perfectly on the path to the moon."

Daan Crypto Trades sees Bitcoin remaining rangebound and “in the middle of nowhere at the moment.” He predicted that the biggest cluster is at $70,000.

#Bitcoin It's clear where the liquidity lies on the HTF. Biggest cluster at $70K.

Right now, price is in the middle of nowhere though and it will take a large move towards either side to get to a big liquidity cluster.

For now, we remain rangebound. pic.twitter.com/9iwLWNlXUg

Crypto Chase predicts a deviation/sweep of either side and potential reversal play. He had expected that CPI would prompt a move, but nothing happened.

Rekt Capital noted that Bitcoin's local highs are at $61,700 and acting as resistance.

#BTC Notice how the local highs of ~$61700 (black) are acting as resistance

Interestingly, BTC is consolidating between the late June wedge highs (~$62000 black) which are back to figuring as resistance and the early July wedge highs ($58280) which are now acting as support… https://t.co/tkr08M31wG pic.twitter.com/GwlNRRHYOU

What’s Next?

The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Don't Miss: This Elon Musk Tweet Could Help Dogecoin

The above is the detailed content of Cryptocurrency Markets Trade Lower as U.S. Government Moves 10,000 BTC to Unknown Wallet. For more information, please follow other related articles on the PHP Chinese website!