📉 #Bitcoin dropped further on Aug. 15, hitting new lows around $57,800, as the US government moved 10,000 $BTC ($581M) to 
@Coinbase
.   

Despite the transfer being a non-event, the market reacted sharply, fueled by bears “selling the news.” This isn’t the first time; similar government transfers earlier this year triggered 5% drops within days.   

Analysts note that while these transfers don’t directly impact the market, they create a narrative that bearish traders exploit. 

Even with positive US inflation data, #Bitcoin remains under pressure due to this sell-off narrative.

Market sentiment can easily sway with government Bitcoin transfers, creating opportunities for bearish traders. Despite fundamentals, the narrative can drive significant price movements. Traders should stay cautious amidst market uncertainties.

Trần Hưng Đạo, Thành phố Qui Nhơn, Bình Định, Vietnam