Bitcoin could be heading towards lows around $48,000 amid massive on-chain transactions. Today, Bitcoin wallets associated with Bhutan have moved over $67 million worth of BTC in the last 24 hours.
Bhutan Government Dumps Massive Bitcoin Stack
According to blockchain data from Arkham Intelligence, the Bhutan government dumped BTC in several transfers today. The most significant trade made in the step-up was 364.984 BTC worth of around $22.26 million.
Other notable transfers included 188.558 BTC worth $11.47 million, 150.458 BTC valued at $9.14 million. In addition, it dumped 109.82 BTC worth around $6.67 million.
Other transfers on the snapshots consisted of 80.31 BTC, valued at nearly $5 million, and a few smaller transfers from 20 BTC to 1 BTC. In total, the recognizable transfers amounted to approximately 1,095 BTC. This stash is worth over $67 million at current market rates.
The government of Bhutan has sold over $1 billion in Bitcoin it seized via crypto crackdown operations, per Arkham. On the contrary, Bhutan officials have denied selling any BTC, as CoinGape reported previously.
What’s Next For BTC Price?
The Bhutan government’s transactions came during a time of renewed volatility in the crypto market. Today, Bitcoin continued its downtrend trend amid the current macroeconomic uncertainty and overall risk-off tone in global markets.
The BTC price dropped as low as $59,100 on Friday after unfavorable U.S. jobs data. Since then, Bitcoin has rebounded a little, holding above $61,000.
However, crypto analyst Michaël van de Poppe hinted at continuation of a downtrend. On X, he wrote, The daily RSI on #Bitcoin has also reached the lowest level since the COVID-19 crash. It might even drop lower than that. That’s how heavy this capitulation currently is.”
Currently, the BTC price is holding above the $60,000 support level. However, if Bitcoin breaks it again, it could go all the way down to $55,000 and even lower as the next support zone sits between $50,000 and $54,000. Polymarket traders predict a whopping 82% chance of BTC plunging to the $55,000 level.
However, things get even trickier here. According to analysts Ted Pillows, Bitcoin could breakdown below $50,000 in the near-term, which is somewhat similar to Bitget CEO Gracy Chen’s expectations.
I’m seeing this chart a lot on my timeline lately.
IMO, $BTC won’t go to $30,000-$35,000 zone, and the bottom could be around $48,000-$50,000.
Where do you guys think Bitcoin will bottom? pic.twitter.com/0kxlYYsLTj
— Ted (@TedPillows) June 6, 2026
Pillows ditched claims of BTC slumping to $30-35K zone but offered his take on the projected bottom for Bitcoin in this cycle. He said, “BTC won’t go to $30,000-$35,000 zone, and the bottom could be around $48,000-$50,000.”
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