Today, US markets are closed, and significant employment data will be released tomorrow. Consequently, strong volatility is expected over the next 24 hours. In the face of a fire that caused losses exceeding $50 billion, the Biden administration is preparing to sell Silkroad BTCs worth over $6 billion. So, has BTC hit the bottom? What price will FLOKI reach?
Has Bitcoin Hit the Bottom?
Silkroad BTCs have not been sold yet, and the Biden administration is looking for ways to avoid further damage to cryptocurrency during the remaining 11 days. Selling these substantial Silkroad BTCs valued at over $6 billion seems to be a viable option, and despite Trump’s claim that they wouldn’t be sold, the court has granted approval.
Although the sales are expected to be conducted over-the-counter using Coinbase Prime, concerns are rising about a potential return to spot markets due to weak demand in the ETF channel. StockmoneyL shared the following graph about the current situation:
“After three red days and a correction from 102,000 to 92,000, the medium and long-term outlook remains bullish.
However, the super trend turns red here (see image description for details). The local bottom here depends on several factors and support levels. The outlook we shared yesterday (consolidation range between 94,000 – 96,000 before trying to break 102,000 again) is still valid for now. BTC remains above significant support levels. However, if we touch 87/88k here, I will start to worry.”
BTC’s spot premium from the $70,000 level signals one of the best bullish indications. A reduction in panic could lead to new attempts at $98,000, especially if tomorrow’s data turns favorable.
FLOKI Coin Insights
In today’s altcoin review, Jelle analyzed FLOKI Coin. After retesting the fundamental support, the analyst noted a bullish divergence on the daily chart and aims for more gains. While BNB turned the highest levels of 2021 into support, Jelle argued that the most exciting period of the year for FLOKI Coin is about to begin.
If proven correct, FLOKI Coin is expected to reach a new peak at $0.00031. Although BTC may temporarily return to $94,000, investors remain anxious as it has repeatedly decreased after similar rebounds.
