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.
Bitcoin Price Chart – Source: TradingviewIf 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.
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Click Here to Participate in the PresaleThe post Bitcoin Price Prediction: As BTC Loses Momentum And Drops Below $108K, SpaceX Starts Moving Assets – Is a Reversal Coming? appeared first on Cryptonews.
