SpaceX Moves 281 Bitcoin to New Wallet – Third Transfer in 10 Days

Bitcoin (BTC) is holding firm above the $110,000 level after a volatile week defined by macro catalysts and ongoing market pressures following the October 10 liquidation shock. The US Federal Reserve cut interest rates by 25 basis points and confirmed that quantitative tightening will officially end on December 1, signaling a tangible shift towards a more supportive liquidity environment as the end of the year approaches.

While markets initially reacted with volatility, Bitcoin has shown resilience, settling above a key price area that traders are closely monitoring for signs of renewed momentum.

Sentiment remains cautious but constructive as the market continues to absorb the effects of the October crash – the largest forced selling event in cryptocurrency history. Although leverage has declined significantly, flows are gradually returning to spot markets, and the price structure is showing early signs of rebuilding.

In addition to on-chain activity, new data from Lookonchain shows that SpaceX recently moved 281 bitcoin (worth approximately $31.28 million) to a new wallet, marking another movement of company-owned bitcoin — likely for custodial or treasury management purposes.

As macro conditions change and on-chain players reposition, investors are watching closely to see if Bitcoin can maintain its foothold and regain higher levels in the coming sessions.

SpaceX Bitcoin Transfers Spark Institutional Speculation as Analysts Turn Bullish

According to the series Data SpaceX, which is shared by Lookonchain, has moved its Bitcoin holdings three times in the past 10 days, including the recent transfer of 281 BTC. While the moves appear to be related to custody rather than exchange deposits, the frequency and volume of these transactions has fueled speculation throughout the market.

Some traders interpret this activity as an internal portfolio restructuring, while others see it as part of a broader trend of institutional repositioning ahead of what many believe may be a liquidity-driven market expansion phase.

These moves come at a time when macro conditions appear increasingly supportive of Bitcoin. With the Fed cutting interest rates and ending quantitative tightening, capital conditions are shifting toward monetary easing for the first time since the tightening cycle began. This pivot has reinforced the bullish narrative that Bitcoin may enter a new global liquidity regime as institutional demand accelerates.

Many analysts argue that Bitcoin is now in one of the most favorable macro environments since early 2020, as long-term holders gradually distribute supply and spot markets show strong participation.

The October 10th crash forced excess leverage out of the system, leading to repositioning while maintaining structural demand. This combination – cleaner market structure, improving liquidity, and steady institutional activity – forms the basis of the current bullish thesis. Analysts point out that commercial entities and large funds tend to make strategic adjustments before major shifts in direction become apparent.

While near-term volatility is still possible, the repeated movement of Bitcoin controlled by companies like SpaceX adds to the growing sense that deep-pocketed players are preparing for the next phase of the cycle. If Bitcoin can maintain its position above key technical levels and liquidity continues to flow back into the spot markets, many believe that a significant upward expansion could unfold faster than market participants expect.

Bitcoin holds above the 200-day moving average as the price consolidates below key resistance

Bitcoin (BTC) is currently trading near $110,200, defending an important support area after another rejection from the $117,500 resistance area. The daily chart shows that BTC is struggling to maintain momentum above the 50-day (blue) and 100-day (green) moving averages, suggesting that short-term sellers remain active around the mid-$110,000 region.

Despite this, the price continues to hold above the 200-day moving average (in red), which is a leading indicator of the long-term trend that reinforces the broader bullish structure of the market.

The liquidation event on October 10 sparked a sharp fuse in the $104,000-$106,000 range, and since then, Bitcoin has been forming a higher and lower structure, indicating a gradual stabilization phase. For bulls, the main target remains to reclaim the $113,500-$115,000 area, where the 50- and 100-day moving averages meet.

Clearing this area would reinforce bullish conviction and pave the way for a retest of $117,500, a crucial breakout level that could open the door towards $120,000-$123,000.

On the downside, a daily close below the 200-day moving average and $108,000 support would weaken the current bias and increase the risk of a deeper pullback towards $104,000. Currently, Bitcoin remains in a neutral to constructive consolidation mode, holding key support as it waits for new catalysts for its next directional move.

Featured image from ChatGPT, chart from TradingView.com

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