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SpaceX Moves Bitcoin For First Time In 3 Years: $153M In Play

SpaceX Moves Bitcoin For First Time In 3 Years: $153M In Play

Sebastian Villafuerte
by Sebastian Villafuerte
1 month ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin is up more than 20% since late June, pushing to a new all-time high of $123,000 before entering a consolidation phase. Price action is currently locked in a tight range, with bulls holding strong above the $117K level as the market digests recent gains. While momentum has cooled, institutional interest continues to expand, and key on-chain fundamentals suggest more upside could be ahead in the coming months.

Related Reading: Bitcoin Indicator Signals Buying Bias: Analyst Warns ‘Bulls Lack Aggression’

Adding to the intrigue, blockchain analytics platform Arkham reported that SpaceX moved Bitcoin for the first time in three years. While the reason behind the move remains unclear, it has sparked speculation about a potential change in custody structure or a signal of broader institutional activity.

The combination of technical strength, increased corporate-level engagement, and growing mainstream adoption is painting a bullish picture for Bitcoin’s midterm outlook. Although short-term consolidation is underway, traders and analysts alike are closely watching for a decisive breakout or breakdown to confirm the next leg of the trend.

Institutional Movement And Market Expansion Signal A Critical Phase

Arkham reported that SpaceX moved 1,300 BTC—worth approximately $153 million—to a fresh address. This marks the company’s first Bitcoin movement in three years and has quickly become a focal point of discussion within the crypto community. While some analysts interpret the move as a routine custody update, others speculate it could be a sign of an impending sale. Regardless of intent, the timing is significant.

SpaceX sent 1.3K Bitcoin ($153M) to a fresh address | Source: Arkham
SpaceX sent 1.3K Bitcoin ($153M) to a fresh address | Source: Arkham

Bitcoin is consolidating just below its recent all-time high of $123,000, holding firm above the $117,000 mark. The transaction by SpaceX adds to a growing list of institutional activity that reflects increasing confidence and involvement from major players. Whether the transfer was custodial or strategic, it underscores Bitcoin’s evolving role in corporate treasuries and institutional portfolios.

At the same time, the broader market environment supports a bullish narrative. Legal clarity in the United States continues to improve, laying the groundwork for larger waves of capital to enter the crypto space. With institutional engagement growing and fundamentals strengthening, many believe Bitcoin is entering an expansive phase.

Related Reading: Ethereum ETF Inflows Surge $2.18B In A Week – ‘FOMO Just Getting Started’

Bitcoin Price Analysis: Holding Steady in a Tight Range

The daily chart shows Bitcoin consolidating between the $115,724 and $122,077 levels after reaching a new all-time high of $123,000 earlier this month. Price remains above all major moving averages, with the 50-day SMA currently near $109,457 and rising steadily—an indicator of continued bullish momentum. Despite the recent pause in upside action, BTC has not broken down from its range, suggesting strong support from buyers.

Volume has slightly declined during this consolidation phase, which is typical after an aggressive rally. However, buyers are still defending the $116K level each time price tests the lower boundary of the range. This signals that bulls remain in control and are unwilling to give up ground.

Related Reading: Republican Lawmaker Warns GENIUS Act Opens Door To Layered CBDCs

A breakout above $122,077 could spark a fresh leg higher, potentially targeting the $130K–$135K zone in the short term. On the downside, a clean break below $115,724 might trigger short-term selling, but deeper support lies near the 50-day SMA and psychological levels like $110K.

Featured image from Dall-E, chart from TradingView

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Sebastian Villafuerte

Sebastian Villafuerte

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Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies. As his knowledge grew, Sebastian felt compelled to share his insights with others. He began actively contributing to online discussions on platforms like X and LinkedIn, focusing on fintech and crypto-related content. His goal was to expose valuable trends and insights to a wider audience, fostering a deeper understanding of the rapidly evolving crypto landscape. Sebastian's contributions quickly gained recognition, and he became a trusted voice in the online crypto community. To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi). The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology. Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K forms, or engaging in thought-provoking discussions about the future of finance. Sebastian's journey as a crypto analyst and investor has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable asset to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and contributing to the growth of this revolutionary technology.

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