Bhutan Govt Sells 300 BTC Amid $65K Resistance for Bitcoin

The Royal Government of Bhutan has transferred 300 Bitcoin, valued at approximately $19.3 million, to a new wallet.

This transaction has sparked concerns about a potential selloff in Bitcoin, especially given past events where the government has offloaded its BTC holdings.

Notably, this transfer comes as Bitcoin is approaching its $65,000 resistance level and has analysts watching for signs of a breakout or rejection.

Ali Martinez, an analyst, highlighted $63,111 as a major on-chain level, where 623,000 BTC previously changed hands, potentially creating selling pressure.