Bitcoin's Week of Turmoil: US Government Moves, Market Dynamics Fuel Volatility

This week, Bitcoin's price experienced a rollercoaster ride, reaching a high of $71,000 on Monday before dropping sharply to $65,000 after facing resistance and amid reports of US government selling confiscated BTC. Altcoins also suffered significant declines, with DOGE, ADA, AVAX, SHIB, and DOT leading the losses. Amid the volatility, BTC's dominance over alts increased, and market sentiment remains uncertain as Bitcoin attempts to regain value.

Bitcoin's Week of Turbulence: US Government Actions and Market Dynamics Drive Volatility

The cryptocurrency market has experienced significant volatility this week, with Bitcoin (BTC) undergoing a rollercoaster ride driven by multiple factors, including potential actions by the US government.

Price Swings and Resistance

Last Friday, BTC's price stalled around $69,000 as bulls failed to break through the $70,000 barrier. After a relatively quiet weekend, BTC resumed its upward trajectory on Monday, pushing past $71,000. However, it failed to maintain that level decisively, and subsequent rejections, particularly yesterday, triggered a sharp decline. Within hours, BTC plunged to under $65,000, marking a ten-day low.

US Government's Bitcoin Movement

The price drop coincided with reports that the US government had transferred 2,000 BTC, seized from the Silk Road dark web marketplace, to Coinbase. This transaction fueled concerns that the US authorities might be planning to sell the BTC, driving the asset's price south, according to recent analysis.

Price Recovery and Altcoin Declines

BTC began to recover some value yesterday, surging to over $69,000. This gain was short-lived, as the asset fell back to $66,000 today. However, the last few hours have witnessed a slight uptick, with BTC now standing north of $68,000.

The volatility in Bitcoin's price has impacted altcoins, with most experiencing sharp declines. Dogecoin (DOGE) has lost 19%, Cardano (ADA) 13%, Avalanche (AVAX) 15%, Shiba Inu (SHIB) 13%, and Polkadot (DOT) 13%.

Market Data

As of this moment:

• Market Capitalization: $2.635 trillion
• 24-Hour Trading Volume: $116 billion
• BTC Dominance: 50.3%
• BTC Price: $68,540 (-3%)
• ETH Price: $3,327 (-6.4%)
• BNB Price: $584 (-5.5%)

Notable Headlines of the Week

Bitcoin Miners Set Record Revenues

Bitcoin miners achieved record monthly revenues of over $2 billion in March, the month preceding the upcoming halving event, where rewards are cut in half.

Bitcoin as Insurance Against Rogue Regimes

Cathie Wood, founder and CEO of Ark Invest, expressed her support for Bitcoin, highlighting its role as an insurance policy against rogue regimes in turbulent times.

Bitcoin's Retrace on Track

BTC's 18% retracement from its all-time high of $73,800 is in line with historical trends and could be a positive sign for long-term growth.

BTC Price Support at $33,000

PlanB, creator of the popular S2F model, predicts that BTC's current 200-day moving average of $33,000 will act as a support level that the cryptocurrency will not fall below.

BCH Surges After Halving

Bitcoin Cash (BCH) saw a 10% price increase after completing its second halving, an event where block rewards are halved.

KuCoin's Market Share Declines

KuCoin, a cryptocurrency exchange, has experienced a 50% decline in its market share following charges by the US Department of Justice (DOJ) and Commodity Futures Trading Commission (CFTC).

Altcoin Price Analysis

Charts are available for Ethereum, Ripple, Cardano, Shiba Inu, and Dogecoin, providing detailed price analysis.