Crypto Writer
Arslan Butt
Crypto Writer
Arslan Butt
Share
Bitcoin slipped below $108,000 on Tuesday as momentum faded and traders turned cautious after last week’s failed rebound. The move coincided with SpaceX transferring more than $268 million in BTC to new wallets following months of inactivity, sparking discussion about institutional positioning and whether a short-term reversal is near.
SpaceX Transfers $268 Million in BTC
On-chain data shows SpaceX shifted 2,490 BTC (worth roughly $268.4 million) to two new wallets after a three-month pause. Blockchain tracker OnchainLens identified the transfers, 1,197 BTC to address bc1qq787… and 1,298 BTC to bc1qj7en…, both associated with Coinbase Prime Custody.
According to Arkham Intelligence, SpaceX now holds 5.79K BTC valued at about $626.9 million, down 2.2% as Bitcoin prices softened. Analysts say the transfers likely reflect internal custody management or migration to institutional cold storage rather than outright sales.
While not indicative of liquidation, such large moves often trigger caution among traders, leading to short-term volatility or leveraged position resets.
Key Takeaways:
- SpaceX holds roughly 5,790 BTC worth $627 million.
- Recent transfers totaled $268 million in BTC.
- The timing aligns with Bitcoin’s brief dip below $108K.
Bitcoin Price Prediction: BTC Tests $107,400 Support as Bulls Defend Rising Channel
Bitcoin is hovering near $107,400, where its rising channel’s lower boundary meets the 20-EMA, a key short-term support. Price action shows buyers attempting to defend structure as sellers test near-term momentum.
Since mid-October, BTC has printed higher lows, suggesting accumulation despite brief corrections. Yet the bearish engulfing candle near $110,400 signals fatigue at resistance. The RSI around 45 and a flat 50-EMA point to consolidation rather than reversal.
If BTC holds above $107,400, upside targets lie at $111,700 and $115,900. A drop below could expose $104,400 and $101,100.
Trade Setup:
- Aggressive traders: Long near $107,500, stop $106,900, target $111,600.
- Conservative traders: Wait for a close above $109,000 for confirmation.
Maintaining this rising channel remains vital to preserving Bitcoin’s short-term bullish outlook.
Bitcoin Hyper: The Next Evolution of BTC on Solana?
Bitcoin Hyper ($HYPER) is bringing a new phase to the Bitcoin ecosystem. While BTC remains the gold standard for security, Bitcoin Hyper adds what it always lacked: Solana-level speed.
Built as the first Bitcoin-native Layer 2 powered by the Solana Virtual Machine (SVM), it merges Bitcoin’s stability with Solana’s high-performance framework. The result: lightning-fast, low-cost smart contracts, decentralized apps, and even meme coin creation, all secured by Bitcoin.
Audited by Consult, the project emphasizes trust and scalability as adoption builds. And momentum is already strong. The presale has surpassed $24.3 million, with tokens priced at just $0.013145 before the next increase.
As Bitcoin activity climbs and demand for efficient BTC-based apps rises, Bitcoin Hyper stands out as the bridge uniting two of crypto’s biggest ecosystems.
If Bitcoin built the foundation, Bitcoin Hyper could make it fast, flexible, and fun again.
Click Here to Participate in the Presale
Credit: Source link
