Bitcoin price rebounds to $66.5K as Silk Road sale goes unnoticed by traders

Bitcoin (BTC) surpassed $66,000 on April 3 despite concerns over Silk Road BTC sales. Following the daily close, BTC experienced a slight recovery after reaching lows of around $64,500. The United States government recently sold 2,000 BTC ($133 million) that it had confiscated from Silk Road, causing some unease in the market. However, traders remained calm, with some expressing happiness over the increased availability of BTC supply. The amount sold was deemed insignificant by others. On the buying side, data showed that the total inflows to U.S. spot Bitcoin exchange-traded funds (ETFs) reached over $40 million on April 2, surpassing the government sell-off. Market analysts and traders emphasized the need for spot buyers to maintain momentum for Bitcoin. They also highlighted that Bitcoin bulls had already overcome significant long-term resistance levels. It is important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.