Bitcoin advocate David Bailey, CEO of BTC Inc, suggested that the recent decline in Bitcoin's price could be related to the US Department of Justice (DOJ) selling off seized assets. This speculation comes after President Trump's executive order to establish a Strategic Bitcoin Reserve using seized coins. The exact amount of Bitcoin seized by the authorities remains unknown, but a government-labeled wallet reportedly holds 198,109 BTC worth nearly $16 billion. The government plans to conduct a full audit of its crypto holdings to ensure proper accounting and safeguarding. The DOJ was authorized to sell seized Bitcoin from the Silk Road darknet marketplace in December, but it's unclear if any sales have occurred. The declining enthusiasm for the Strategic Bitcoin Reserve narrative and concerns over a potential recession have put downward pressure on Bitcoin's price, which hit a low of $79,300. Analysts anticipate Bitcoin to test support levels between $70,000 and $75,000 with resistance around $85,000-$87,000.



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