• Bitcoin faces selling pressure under $30,000 with analysts predicting a pullback to $25,000. On the other hand, miner revenues see an uptick.
• The US government is likely to sell its 41,491 Bitcoins in four different batches before the end of this year which could put selling pressure on BTC.

After a strong rally past $30,000 last week, the world’s largest cryptocurrency Bitcoin (BTC) has come under strong selling pressure. As of press time, Bitcoin (BTC) is trading at $29,820 with a market cap of $577 billion.

Some market analysts have turned up in anticipation of what could be the next move for BTC. Considering that the Bitcoin price is already up by more than 80 percent since the beginning of 2023, there could be a probability of some pullback in Bitcoin. As a result, analysts predict that the Bitcoin price could fall further up to $25,000.

This year in 2023, Bitcoin managed to weather major events such as the banking crisis in the US and Europe. Also, Bitcoin investors managed to successfully overcome other hurdles such as sticky inflation and rising interest rate.

The broader consensus in the market is that Bitcoin has started to decouple from the rest of the macro indicators, however, that might not be entirely the case. As we know, the U.S. government is turning very critical of the crypto space, and there could be more crackdowns on the industry this year.

Thus, the US government’s upcoming actions could trigger potential selling pressure in the near future. Popular crypto analytics firm CryptoQuant has identified four important dates, each in May, August, October, and December this year, where it expects extra selling pressure on Bitcoin followed by announcements from the US government.

US Government selling Bitcoins

The US government does have a good stockpile of Bitcoin holdings, the majority of which have been seized from illegal activities. Last month on March 14, the US government sold its first batch of Bitcoin holdings.

Throughout this, the US government is likely to sell an additional 41,491 Bitcoins in four different batches. Considering the 73-day interval of selling between two batches, the next sale shall happen on May 26 next month. This interval is crucial in understanding a possible pattern in the US government’s sell-off strategy. Thus, the next dates of selling by the US government would be 7 August 2023, 19 October 2023, and 30 December 2023. In its blog post, CryptoQuant mentions:

Dividing the number of days in a year by the number of batches gives 73 days, which is exactly the day the first batch was sold. Will there be a pattern in the sale of the remaining batches every 73 days or is it just a coincidence? Only time will tell.

On the other hand, Bitcoin miners are also seeing a revenue jump after facing massive turbulence last year. Last year on June 1, 2022, when BTC was trading at $31,000, the Bitcoin miners’ revenue stood at $27 million. Now on April 17, 2023, miners’ recorded a revenue of $29.78 million while the BTC price is trading close to $30,000. This is a healthy sign that Bitcoin miners’ are once again seeing a good surge in revenues.

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