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Market News BTC at Risk of Sub-$27,000 as Investors Consider the Silk Road Offload

BTC at Risk of Sub-$27,000 as Investors Consider the Silk Road Offload

BTC was under duress this morning, signaling a negative start to the week. Economic data and opinions of Silk Road BTC were taken into consideration.

Jimmy Khan

2023-04-04

8702

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Bitcoin's (BTC) price dropped by 1.34% on Monday. BTC finished the day at $27,795 on Sunday after falling by 0.95%. BTC continued its three-session loss run.

After a downturn in the morning, BTC climbed to a peak of $28,500 in the late morning. BTC hit a late bottom of $27,213 after encountering the First Major Resistance Level (R1) at $28,512. Before ending the day at $27,795, BTC broke through the First Major Support Level (S1) at $27,836 and momentarily broke through the Second Major Support Level (S2) at $27,500.

The US Government and Economic Indicators Send BTC South

The hunger of investors was put to the test on Monday by industrial sector PMI data from China and the US.

Chinese Caixin Manufacturing PMI dropped from 51.6 to 50.0, a crucial reading. The main PMI and output both suffered from weak international demand. In the US, nothing improved as the ISM Manufacturing PMI dropped from 47.7 to 46.3.

It was also negative to learn that the US government intended to sell 41,491 BTC in four groups.

Approximately 51,680.33 BTC, valued more than $3.4 billion, were confiscated by the US authorities. The money was obtained through illicit behavior on Silk Road, a "darknet" black market website. The Silk Road website only accepted bitcoin as payment.