The Royal Government of Bhutan has reportedly moved another 300 BTC, valued at approximately $19.28 million, adding to its recent selling spree as Bitcoin attempts to break into the $65,000-$70,000 price range. Data from Lookonchain reveals this selling pressure coincides with a critical resistance zone for BTC. However, an analysis of whale activity shows a contrasting trend, with large holders accumulating $2.64 billion worth of Bitcoin over the past two months, suggesting a potential transition from short-term to long-term holders and a possible bear trap for short sellers.
The Royal Government of Bhutan has added to its recent selling pressure by moving another 300 BTC, worth $19.28 million, as Bitcoin attempts to reclaim the $65,000-$70,000 range. This price zone, lost in late May, “has the potential to be a strong resistance,” according to market observations.
However, data on whale behavior presents a completely different picture. Whales have purchased $2.64 billion worth of BTC in the last two months, indicating a structural shift. This trend may signal a bullish transition from short-term holders (STH) to long-term holders (LTH).
The resilience of Bitcoin is noteworthy given a hostile macro environment, with yields on the 10-year Treasury at 4.7% and the 30-year nearing 5.3%. Geopolitical concerns, particularly tensions between Iran and the U.S., are also affecting risk assets.
This backdrop has resulted in a widening divergence between Bitcoin and the Nasdaq. While the Nasdaq is down almost 3% for the quarter, Bitcoin has delivered a positive ROI of nearly 9% for the same period. This provides validation for Bitcoin as a superior asset in a risky environment.
Bitcoin’s consolidation near $65,000 is increasingly viewed as strategic positioning by whales. This trend puts Bitcoin shorts at risk, as the ongoing STH-to-LTH transfer could set the stage for a significant bear trap. If short positions are liquidated, it could propel Bitcoin to $70,000 and higher by the end of Q3.
