Bitcoin Market Alert: German Government Agency Sends $425M Worth Of BTC To Exchanges
19 Junio 2024 - 6:00PM
NEWSBTC
Bitcoin (BTC) recently plunged to a one-month low of $64,000,
causing concern among bullish investors who now fear impending
selling pressure and a potential retest of lower support
levels. Adding to these concerns, it has come to light that a
wallet belonging to the German police has moved $425 million worth
of BTC to cryptocurrency exchanges, according to on-chain data
firms. This development has sparked speculation about the agency’s
intentions and potential market impact. Selling Pressure Concerns
On Wednesday, crypto data analytics firm Arkham detected a
significant cryptocurrency wallet named “German Government (BKS),”
transferring 6,500 BTC, equivalent to $425 million. The
wallet, which had held over 50,000 BTC since the end of January
2024, moved the funds to a new address. Some of the transferred BTC
was sent to popular exchanges Kraken and Bitstamp. Related Reading:
Altcoin Massacre? Prices Plummet 40-90%, Recovery Stalled — Analyst
The recent movement of BTC by the German government agency follows
a significant seizure of 50,000 BTC in January. At the time, it was
regarded as the largest cryptocurrency seizure ever conducted in
Germany. The bulk of the BTCs were seized by German police,
with the suspects voluntarily transferring them to official wallets
provided by the German Federal Criminal Police Office (BKA).
Currently, the government wallet contains 43,350 BTC with a total
value of over $2.8 billion. Crypto analyst Daan Crypto Trades
suggested that transferring BTC from the German government’s wallet
to exchanges may have contributed to the emergence of short
positions and a slight dip in Bitcoin’s price during Wednesday’s
trading session. This move raises concerns about potential selling
pressure in the market and its impact on Bitcoin’s price
trajectory. Bitcoin Faces Downtrend Signal Regarding price
action analysis of the largest cryptocurrency on the market, BTC is
at a crucial juncture as analysts offer contrasting
perspectives. Technical analyst Ali Martinez suggests a
potential continuation of the downtrend as Bitcoin’s recent breach
of the +0.5σ market value to realized value (MVRV) price band at
$67,890 indicates the potential for a correction toward the
mid-price band at $54,930. Martinez points out that when the
MVRV is below the 1-year simple moving average (SMA), it often
signals a downtrend. This analysis suggests BTC may experience
further downward price pressure due to the heavy distribution near
the top. Related Reading: Is Solana A Good Buy? Finance CEO
Predicts ‘Magnificent’ Autumn Rally In contrast to Martinez’s
bearish outlook, another analyst who goes by the pseudonym “Titan
of Crypto” remains bullish on the Bitcoin bull market. The
analyst points to the Parabolic SAR indicator and the LMACD
(Logarithmic MACD) on the 2-month chart, indicating that the bull
market is still intact. According to the analyst, these indicators
suggest that BTC’s bullish momentum remains intact. However, the
future direction of Bitcoin’s price remains uncertain, with
investors cautiously navigating the evolving market conditions. At
the time of writing, BTC was trading at $64,850, down over 7% in
the last seven days alone, demonstrating the bearish sentiment
surrounding the Bitcoin market. Featured image from DALL-E,
chart from TradingView.com
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