Bitcoin is still pushing higher, even as one major seller quietly keeps unloading its holdings.
Bhutan’s Royal Government moved another 319.7 BTC (about $22.7 million) on Thursday, adding to a steady wave of selling that has cut its Bitcoin stash by roughly 70% since October 2024.
Data from Arkham Intelligence shows that around 250 BTC from that transfer was sent to a wallet previously linked to sales through Galaxy Digital and OKX. The remaining 69.7 BTC landed in a fresh, unlabelled address.
Not long ago, Bhutan held close to 13,000 BTC. That figure has now dropped to just under 4,000 BTC—still worth around $280 million, but with roughly $215 million already offloaded in 2025 alone.
What makes this interesting is what’s happening on the other side of the market.
While Bhutan has been selling, institutions have been doing the opposite. Michael Saylor’s firm, Strategy, picked up another 4,871 BTC last weekend. At the same time, U.S. spot ETFs soaked up nearly 50,000 BTC in March, and the options market is building up a noticeable number of $80K call positions.
That contrast—sovereign selling versus institutional accumulation—is creating a pretty fascinating moment for Bitcoin right now.
Bitcoin price outlook: is $80K next?
From a technical standpoint, Bitcoin still looks constructive.
After dipping to around $67,000, the price has been forming higher lows and gradually trending upward. It’s now hovering near $72,000, holding above its 50-day EMAs—a setup that often signals continuation rather than reversal.
Momentum indicators are also leaning positive. The MACD is showing bullish divergence, and the RSI sits near 60, which suggests there’s still room to run before things get overheated.
Analysts, though, aren’t fully aligned.
Some see a fairly straightforward move toward the $79K–$80K range, pointing to the recent consolidation and healthy pullback from prior highs. Others agree that a push into the $79K–$84K zone is possible in the short term—but they’re also warning that a sharper correction could follow, potentially dragging Bitcoin back into the $40K–$48K range.
In the near term, one key level to watch is $77,500. A clean break above that—especially if backed by strong inflows into ETFs like IBIT—could open the door to an $80,000 test.
On the flip side, if momentum stalls, Bitcoin may keep chopping between $70K and $72K while the market absorbs the ongoing selling pressure. A drop below $70K would shift the tone more bearish again, bringing the $67K support zone back into focus.
Bigger picture: where the attention is shifting
There’s also a broader question investors are starting to ask.
If Bitcoin does move to $80K from here, that’s roughly a 10% upside—not insignificant, but not explosive either. Because of that, some attention is drifting toward earlier-stage opportunities in the ecosystem, particularly projects building on top of Bitcoin’s infrastructure.
One example getting attention is Bitcoin Hyper ($HYPER). It’s positioning itself as a Layer 2 solution for Bitcoin, integrating the Solana Virtual Machine to enable faster transactions and smart contract functionality—features the base network doesn’t natively support.
The idea is to combine Bitcoin’s security with more flexible, high-speed execution. According to its pitch, the project uses a canonical bridge to handle native BTC transfers while keeping everything anchored to Bitcoin’s underlying security model.
The presale has already raised over $32 million, with the token currently priced at $0.0136, alongside staking incentives aimed at early participants.
