Bhutan's sale of $33 million worth of bitcoin has sparked new discussions in the cryptocurrency market.
Bhutan's Strategy
The Royal Government of Bhutan, mining Bitcoin since 2019, recently sold 367 BTC for $33 million, following a previous sale of $66 million. Bhutan aims to lock in profits as Bitcoin rises above $93,000. However, the country retains over 12,000 BTC, remaining one of the largest sovereign holders of the cryptocurrency.
Potential Bitcoin Correction
Many experts are warning of a potential correction in Bitcoin's price following its recent surge. Crypto analyst Ali Martinez highlighted the TD Sequential indicator, which signals the possibility of a retracement.
What's Next?
Whether Bitcoin's rise will continue or a correction will happen remains debated among analysts. Some believe it could hit $100,000 by year's end, while others brace for a correction. Bhutan's sales strategy might also indicate the future of government moves in the market.
Amidst current conditions, closely watching Bitcoin's volatility and the actions of players like Bhutan remain crucial.
