As Bitcoin’s (BTC) price comes near a crucial level of $60,000, two major countries including Germany and The United States move massive BTC to the US’s biggest cryptocurrency exchange Coinbase. Today on June 27, 2024, an on-chain analytic firm spotonchain made a post on X, that the United States has transferred a massive 3,940 BTC worth $241 to Coinbase Prime. This move by the US has gained massive attention from investors and traders across the industry.
US government moves $241 million of Bitcoin
This is not the first time the US has transferred a massive $241 million of Bitcoin, earlier on April 3, 2024, they moved nearly 2K Bitcoin worth $131 million to Coinbase Prime as data shared by Spotonchain. However, following that massive $131 BTC transaction, Bitcoin didn’t experience any impact on its price and market.
Despite this massive Bitcoin move in 2024, the US government still holds a massive 213.5K BTC worth $13 billion. However, this week we have experienced a similar BTC move by the government of Germany as reported by Todayq News on June 25, 2024. According to the report, Germany moved nearly 900 BTC to a different wallet, where 200 BTC moved to Coinbase, another 200 BTC to Kraken, and 500 BTC to an unknown wallet address 139Po.
Bitcoin technical and price-performance analysis
Following all these transactions Bitcoin’s price remained stable near the $60,000 level. Currently, BTC is moving near the $60,800 level, and in the last 24 hours, it experienced over 1.45% of downside momentum. However, the trading volume has also dropped by 21% in the previous 24 hours which might be a potential indication of lower investors and traders participation. On the other hand, Bitcoin’s open interest (OI) has also dropped by 2.3% which might be another sign of a lack of investor interest.
If we look at the performance of Bitcoin over a longer period, in the last 7 days it experienced more than 7% of downside move. Whereas, in the last 30 days Bitcoin fall more than 11%.
With bearish Bitcoin price performance in the last 30 days, according to expert technical analysis, Bitcoin is looking bearish as it is below 50 EMA (Exponential Moving Average) and near a crucial support level of $60,000 and 200 EMA. If Bitcoin on a daily time frame gives a strong candle closing below the $60,000 level, then there is a high possibility that we may see Bitcoin to the $53,200 level.
