The reasons for the fall of the bitcoin cryptocurrency below $ 27,000 have become known

The flagship cryptocurrency fell below the $ 27,000 support level overnight. This happened after the day’s jump amid the publication of inflation data in the United States. At the time of writing, BTC $94,650.96 Bitcoin -2.45% Market capitalization $1.87 trillion VOL. 24 hours $2.06 billion has slightly recovered its position and is trading at $ 27,400.

Many members of the cryptocurrency community attributed the decline in BTC’s price to a possible sale of tokens by the US government. A similar incident occurred at the end of April, when the user @tier10k mistakenly reported the movement of funds stored on the wallets of the bankrupt Mt Gox exchange and the US government.

This time, however, panic was avoided. A well-known online analyst @ZachXBT wrote that the addresses associated with the government did not carry out any transactions.

Representatives of the Arkham Intelligence analytical platform explained that the rumors arose as a result of the user’s labeling of the address: the platform’s interface allows you to manually add labels to wallets and change data sets. This is what one of its clients may have used. The company stated that it had identified only 7 bitcoin wallets linked to the US government, and none of them had made transfers.

Analysts almost unanimously agreed that the drop in BTC was expected. Moreover, users should prepare for the next correction. Representatives of the Glassnode platform reported an increase in sales pressure, and Kaiko researchers noted that the markets lack liquidity.