Bitcoin recently achieved a new all-time high after weeks of trading near $105K. However, the cryptocurrency now finds itself struggling to surpass the critical $110K mark. Adding to the intrigue, fresh rumors have emerged that China may have sold a massive 194,000 Bitcoin stash, as suggested by CryptoQuant CEO Ki Young Ju.
Does this mean we’re headed for a massive price plunge?
Ki Young Ju recently took to Twitter to share his belief that China may have already offloaded the 194,000 Bitcoin it seized during the infamous PlusToken scam in 2019.
On-chain data, according to Ju, shows that the seized Bitcoin was mixed and transferred through major exchanges like Huobi. He argues that this activity suggests an intent to convert the assets into fiat currency. However, the lack of transparency from the Chinese government about its cryptocurrency holdings leaves these claims open to question.
The Evidence?
While Ju’s theory is based on historical trends and blockchain activity, there’s no official confirmation from China to support the sale. This has left the crypto community divided, with some doubting the claim.
China’s history with cryptocurrencies—including its bans and past asset liquidations—fuels concerns among investors. However, some market analysts believe that China still holds the Bitcoin, potentially making it the second-largest holder after the United States.
According to recent reports from Coindelia News, Bitcoin (BTC) is experiencing some fluctuations. After closing the day with a Marubozu candlestick, it is clear that sellers are starting to gain control. The price has struggled to push beyond critical levels between $107,090 and $109,090, indicating a potential shift in market direction. If bearish sentiment continues, BTC may find support between $101,000 and $99,500.
Bitcoin’s daily chart reveals patterns pointing to a potential reversal. A double-top pattern and bearish divergence have been forming since early December 2024.
If these signals play out, Bitcoin could drop toward the lower end of its trading range, with $91,000 becoming a key level to watch.
Rumors about China’s Bitcoin sell-off add to an already uncertain market. While Ki Young Ju’s analysis raises valid concerns, the lack of concrete proof leaves room for debate.
For now, Bitcoin investors must tread carefully, monitoring key levels and staying alert to further developments.
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