DeFI News by Thebittimes.Com

The Bitcoin price plunged 3% in the last 24 hours to trade at $94,204 as of 02:20 a.m. EST on trading volume that plunged 6% to $64.6 billion. This comes as the US Department of Justice (DOJ) was cleared to authorize the sale of about 69,370 Bitcoin that were seized from the Silk Road darknet marketplace. This stash is currently worth around $6.5 billion. 🇺🇸 US government cleared to sell 69,370 bitcoin worth $6.5 billion seized from Silk Road 😬 pic.twitter.com/mrkD6VWGDw — Ajay Kashyap (@EverythingAjay) January 9, 2025 Bitcoin Price Still Showing Signs Of A Bullish Rally The BTC price daily chart reflects a period of significant consolidation after a strong upward rally earlier in the year. The Bitcoin price recently tested a key support zone around $92,000–$94,000, holding up multiple times during pullbacks.  However, resistance at $101,000 (marked in orange) has kept the price in check, creating a well-defined range-bound structure, as...

The Bitcoin supply at the exchanges has dropped to a 6-year low. Only a small portion, about 5.8%, of the total Bitcoin supply is currently held on exchanges. This marks the lowest level for the top cryptocurrency by market cap since December 17, 2017. Furthermore, there are consistent instances of significant whale transactions involving $BTC, averaging around 57.4K per week, reports Santiment. advertisement Courtesy: Santiment As Exchange Reserves decrease during a market downturn, it suggests that investors are opting to hold onto their assets for potential future profits instead of selling. If this trend continues, it could lead to a substantial price increase for Bitcoin when favorable macroeconomic factors and a positive global crypto market sentiment return. Another positive indicator is that Bitcoin whales have been accumulating recently after last week’s market crash. Since last week’s fall to $25,000, Bitcoin whales have accumulated over...