Seized Silk Road BTC On The Move
According to on-chain data, a wallet linked to the US government recently transferred 30,175 Bitcoin, seized from the Silk Road dark web marketplace.
200EMA Support Crucial For The Bitcoin Price
The Bitcoin price is currently witnessing a lack of bullish momentum as the cryptocurrency continues to face resistance in consolidating above the crucial $70,000 threshold. However, there is still hope on the horizon.
Crypto analyst Ali Martinez highlights the importance of the 200-epimetric moving average (EMA) on the 4-hour chart of BTC. According to Martinez, this indicator has acted as formidable support since early February and continues to play a crucial role in preventing further downward movement.
The focus on the 200EMA stems from its potential to either catalyze a rebound or trigger more losses for Bitcoin. Martinez stated that if the 200EMA continues to hold as strong support, it signifies a significant probability of a price rebound. This scenario would provide renewed bullish momentum and potentially propel Bitcoin’s price above the $70,000 mark.
However, if the 200EMA is broken, as it was in mid-January, as seen in the chart below, the analyst suggests that this could expose the Bitcoin price to further downward pressure and potentially lead to further losses.
