Bitcoin’s price dropped to approximately $67,500 on Friday, erasing gains from its recent peak of $72,000. The decline coincides with the Royal Government of Bhutan transferring over $45 million worth of BTC in recent days, potentially for sale. Market analytics firm Santiment reports retail investor sentiment has turned bearish again, expressing FUD towards Bitcoin and crypto.
Bitcoin faced renewed selling pressure on Friday, falling to a multi-day low near $67,500 after being rejected at almost $69,000. This represents a decline of roughly $4,500 from its Wednesday peak of $72,000.
The price correction aligns with significant Bitcoin transfers by the Royal Government of Bhutan. According to on-chain data, the entity moved a total of 643 BTC, valued at approximately $45 million, over a two-day period.
Simultaneously, geopolitical tensions have introduced market uncertainty. Recent reports indicate the US is considering sending up to 10,000 additional ground troops to the Middle East region.
This follows statements from US President Trump regarding Iran. The military buildup is reportedly intended to provide more options and could involve forces positioned within striking distance of Iran.
Market sentiment has shifted back towards fear, according to data from Santiment. The analytics firm stated the retail crowd is “showing signs of getting more and more bearish, expressing FUD toward Bitcoin and crypto.”
Santiment’s analysis suggests this bearish sentiment could be contrarian. The firm noted that “Historically, prices move opposite to the crowd’s narrative,” potentially indicating a buying signal.
