Bhutan Dumps More Bitcoin as BTC Price Climbs Amid Falling Oil Prices

Bhutan has again reduced its Bitcoin holdings as the BTC price rebounds toward the $69,000 level. The sales come while oil prices fluctuate during the ongoing Iran war, which has affected markets. However, some observers remain skeptical about BTC’s current price recovery because of the sideways energy price movements.

Bhutan Continues Selling Bitcoin Holdings

According to Arkham data, Bhutan moved 175 BTC ($11.85 million) from its primary holding addresses. This move signals plans to offload these coins and is the latest transfer from the government as it continues to trim its Bitcoin holdings. 

Source: Arkham Intelligence

As CoinGape reported, Bhutan previously transferred about $6.7 million worth of Bitcoin to QCP Capital. That current Bhutan transfer comes roughly one month after another sale. In that transaction, Bhutan moved approximately $7 million worth of BTC. The government of Bhutan has repeatedly reduced holdings in smaller increments. These sales usually occur in clips ranging between $5 million and $10 million.

Bhutan’s sale pattern stretches back to earlier selling activity in 2025. Arkham reported a heavier selling period between mid- and late September of that year. Meanwhile, Bhutan’s selling trend contrasts with Michael Saylor’s Strategy, who purchased 17,994 BTC despite recent market volatility. Strategy now holds 738,731 Bitcoin in total. 

BTC Price Rebounds Toward Key Resistance

While Bhutan sold today, the Bitcoin price recovered during the same period. At press time, the BTC price was $68,879, up 2.64% over the past 24 hours. The rebound pushed Bitcoin back toward a major resistance zone near $69,000. 

Source: TradingView

The $70,000 level is now the next resistance barrier. However, support levels remain important for short-term price stability. Immediate support is between $67,000 and $66,500, as per TradingView data. However, CryptoQuant highlighted broader market risks tied to global macro conditions.

According to CryptoQuant, rising oil prices historically coincide with late stages of Bitcoin market cycles. The firm also pointed to geopolitical tensions as a factor affecting risk appetite. According to the analysis, such environments often reduce investor exposure to volatile assets.

Oil Prices Reverse After Sharp Spike

According to commentary from The Kobeissi Letter, U.S. oil prices have extended their reversal to -$26/barrel in 13 hours after Trump announced he would hold a news conference at 5:30 PM ET today.

G7 countries concluded talks about releasing up to 400 million barrels from global oil reserves today. However, France’s finance minister stated that governments have not reached a final agreement on a joint release. 

U.S. President Donald Trump is also reportedly reviewing options to prevent oil prices from rising above $100 per barrel. Those options include releasing strategic reserves and limiting exports. Analysts also warned that blocked oil shipments through the Strait of Hormuz continue to affect global supply flows.