Sun, July 14

How is BTC Price Affected by the German Government’s BTC Transfer?

How BTC Price is Affected by the German Government's BTC Transfer? Bitcoin News
  • BTC’s price reflects a 7.29% decline over the past month.
  • The German government has transferred 832 Bitcoins worth $50 million in the last hour.

Bitcoin (BTC) witnessed a slight spike over the day struggling to surpass higher marks. The asset’s price faced multiple r passed through several resistance-support levels over the past 30 days. BTC fluctuates within the $59,000–$71,000 range over the past 30 days.

Noting an increase of 0.59% in the last 24 hours, BTC traded at $62,482 at the time of writing. According to the CMC data, the daily trading volume stood at $22.15 billion, reflecting an increase of 2.04%.

This price surge has been observed while the German government has transferred its Bitcoin holdings. According to Arkham Intelligence, the German government has transferred 832 Bitcoins worth $50 million in the last hour. 

Over the past few days, the German government has moved more than 5,000 Bitcoins or 10% of its holdings. The motive behind the recent sell-off by the government is undefined. The current holdings can be totaled at 43.359K BTC, worth $2.72 billion. 

Can the Bulls Defeat the Bears?

Over the past week, Bitcoin observed an increase of only 2.14%.  On the other hand, over the last month, it was down by 7.29%. On June 7, BTC hit $71K but slid to a low of $59K near the closure of June, on the 25th. With the daily RSI, which stands at 43.04, it could be inferred that BTC is near the oversold zone. 

BTC Price Chart (Source: TradingView)

If there is an upward wave appears, Bitcoin could face initial resistance near the $63,780 level. If the bullish rally continues, BTC could test even higher resistances such as $64,196 and $64,434.

Conversely, if the bears take the lead, the Bitcoin price might drop to the $62,000 range. Furthermore, BTC might fall to lower support levels such as $61,690 and $61,255 level. 

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