Bitcoin is still pushing higher, even as a pretty unusual seller keeps offloading in the background.
The Royal Government of Bhutan has been steadily reducing its Bitcoin holdings, and the pace hasn’t really slowed. Just this week, another 319.7 BTC — worth around $22.6 million — was moved, adding to a selling trend that’s been going on for months.
Since late 2024, Bhutan’s stash has dropped from roughly 13,000 BTC to under 4,000. That’s a big shift, and a large chunk of those coins appear to be making their way to exchanges or intermediaries linked to selling activity. Data from Arkham Intelligence suggests some of the latest transfers were routed through wallets previously associated with firms like Galaxy Digital and OKX.
So yes — there’s clear selling pressure coming from a sovereign player.
But here’s what makes things interesting: the market doesn’t seem too bothered.
While Bhutan has been trimming its position, big buyers have been stepping in on the other side. Michael Saylor’s company has added thousands of BTC recently, U.S. spot ETFs absorbed tens of thousands of coins in March, and options traders are increasingly positioning for a move toward $80K.
That push and pull — sovereign selling versus institutional accumulation — is creating a pretty fascinating setup right now.
From a price action perspective, Bitcoin still looks constructive.
After dipping toward $67,000, it’s managed to grind its way back up, forming higher lows along the way. That kind of structure usually signals underlying strength. At around $72,000, price is holding above key moving averages, which tend to act as support in trending markets.
Momentum indicators are also leaning positive. The MACD is showing signs of a bullish shift, and RSI is sitting around 60 — strong, but not overheated. In other words, there’s still room to move higher if buyers stay in control.
Naturally, not everyone agrees on what happens next.
Some traders are eyeing the $79K–$80K zone as the next logical target, pointing to the current consolidation pattern and the way Bitcoin has handled recent pullbacks. Others see a similar move higher in the short term — potentially even stretching into the low $80Ks — but warn that it could be followed by a much sharper correction, possibly back into the $40K–$50K range.
In the near term, a lot comes down to one key level.
If Bitcoin can break cleanly above $77,500, especially with strong inflows into spot ETFs, that could open the door for a run toward $80K. If not, the market may just keep moving sideways between $70K and $72K while it absorbs the ongoing selling pressure.
On the downside, a drop below $70,000 would weaken the current structure and bring the $67K support zone back into focus — not catastrophic, but definitely a shift in tone.
There’s also a bigger picture consideration here.
Even if Bitcoin does push to $80K, that’s only about a 10% move from current levels. Solid, but not exactly life-changing for most traders. That’s why some investors are starting to look further down the stack — at projects that could benefit from Bitcoin’s growth but still have more room to run.
One example is Bitcoin Hyper, which is trying to build on top of Bitcoin rather than compete with it. The idea is to bring faster execution and smart contract functionality — things the base layer isn’t really designed for — while still anchoring security to Bitcoin itself.
It’s an early-stage play, and like anything in that category, it comes with more risk. But that’s also where some traders see the bigger upside, especially if Bitcoin continues to hold strong and push higher from here.
