Bhutan Sells $22.4 Million in Bitcoin Amid Market Decline

Bhutan has recently sold $22.4 million worth of Bitcoin, continuing its periodic sales since it began mining the cryptocurrency in 2019. According to NS3.AI, Bitcoin prices have dropped approximately 40% from their October peak, hitting a one-year low near $72,000. This decline has raised concerns about a potential market downturn similar to those experienced in 2018 and 2022. Despite the price drop, institutional adoption and favorable market conditions indicate structural differences from previous cycles. However, key support levels around $74,000 and $69,000 remain crucial.