Following a hyper-bullish run, Bitcoin is facing a near-term pullback.
At the time of writing, BTC was trading at approximately $59,000.
Meanwhile, on-chain data shows that BTC miners are still in the process of accumulation.
At the same time, BTC whales are sending their BTC holdings from spot exchanges to derivatives platforms, indicating that they are building up their positions.
The auction, organized by GSA Auctions, the federal government’s online clearinghouse for surplus, will auction off the BTC in five different lots of 1.5, 1.25, 1, 0.75, and 0.44 BTC.
Finally, the VanEck Bitcoin Strategy ETF became the third regulated exchange-traded fund to join the party.
The ongoing pullback in BTCUSD may soon reverse, though, after falling through the key $60,000 psychological level.
The key support levels to monitor include $57,350, the 61.8 Fibonacci level at $56,550, and $55,350.
Nothing in the article constitutes legal, professional, investment and/or financial advice and/or takes into account the specific needs and/or requirements of an individual, nor does any information in the article constitute a comprehensive or complete statement of the matters or subject discussed therein.