Bitcoin Price Prediction as $28,500 Support Stays Strong – Where is the Next BTC Target?

by James · April 2, 2023

Bitcoin Price Prediction as ,500 Support Stays Strong – Where is the Next BTC Target?

The price of Bitcoin has been a topic of much discussion among investors and cryptocurrency enthusiasts alike. With the $28,500 support level holding strong, many are wondering about the future direction of the world’s largest cryptocurrency.

In this update, we will examine various factors that can affect Bitcoin’s price movement and provide a prediction on where BTC may be headed next.

Table of Contents

US Government Auctions Over 41,000 Bitcoins Seized From Silk Road Hacker

The US government, a major bitcoin holder, intends to sell 41,490 BTC in 2023, as revealed in a court document related to James Zhong’s sentencing. In November 2022, the government seized a record 50,000 BTC from Zhong, who admitted to fraud in September 2012 after illegally obtaining over 50,000 bitcoins from Silk Road’s dark web market.

Onchain analytics company Glassnode detected the sale or transfer of 9,861 BTC to a leading exchange, likely Coinbase, prior to the sale. The court archive states that around 41,490.72 BTC remains from the Ulbricht case, which the government plans to liquidate in four more batches over the course of the year.

Glassnode’s analysis of the chain transaction suggests that the funds were likely transferred to Coinbase. If the funds were indeed sold on Coinbase, this would depart from the US government’s previous method of auctioning off confiscated crypto assets.

After selling 41,490 BTC, the government will still have 164,025 BTC, valued at approximately $4.65 billion.

The number of crypto ATMs has decreased by 13.91% since December 2022

Coin ATM Radar data reveals that the global number of crypto ATMs had experienced a 13.91% reduction since December 2022, when there were 39,179 units installed.

In January, 1,587 crypto ATMs were removed, marking the second biggest drop since September 2022’s loss of 399 units. February 2023 saw a smaller decline, with 275 crypto ATMs going offline, fewer than the drop in September.

However, the most significant reduction occurred in March, with Coin ATM Radar reporting the removal of 3,627 crypto ATMs.

The sharp decline in March is consistent with the recent General Bytes hack on March 17 and 18, which led to the theft of over $1.5 million in cryptocurrency. As of April 1, 2023, there are currently 33,728 crypto ATMs installed worldwide.

Impact on BTC

The decline in the number of crypto ATMs may have an impact on Bitcoin’s price, although the effect may not be significant or direct. Crypto ATMs play a role in providing access to Bitcoin and other cryptocurrencies for users who prefer a physical point of transaction. This availability can contribute to increased adoption and use, which in turn can affect the demand and price of Bitcoin.

However, the reduction in crypto ATMs may make it more difficult for some users to buy or sell Bitcoin, potentially leading to a reduced demand. This reduced demand could have a negative impact on Bitcoin’s price.

Bitcoin price

The current price of Bitcoin is $28,389 and the trading volume in the last 24 hours is $10.1 billion. Over the past 24 hours, the value of Bitcoin has fallen by 0.20%. According to CoinMarketCap, Bitcoin is currently ranked #1, with a market cap of $548 billion.

The technical outlook remains unchanged as it trades in a narrow range of $28,250 to $28,900. If Bitcoin successfully surpasses the $28,900 triple-top pattern, it could potentially propel the cryptocurrency towards its next resistance level of $29,600.

**Bitcoin Price Chart – Source: Tradingview**

However, if the market experiences a decline, the immediate support level for Bitcoin is at $27,600. A definitive breakout from the $28,200 to $28,900 trading range will play a crucial role in determining the future direction of Bitcoin’s price movement.

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Top 15 Cryptocurrencies to Watch in 2023

Stay up to date with the latest ICO projects and altcoins by regularly checking the carefully selected list of the top 15 cryptocurrencies to watch in 2023.

Compiled by industry experts from Industry Talk and Cryptonews, this list guarantees to only feature the most promising and high-potential cryptocurrencies available on the market.

^{Disclaimer: The Industry Talk section contains insights from crypto industry players and is not part of the editorial content of Cryptonews.com.}