In the last few weeks market has struggled to gain momentum as top cryptocurrencies including Bitcoin (BTC) and Ethereum (ETH) continue to fall. But Today on June 25, 2024, the German Government gained massive attention from crypto investors as they sold a significant 900 Bitcoin worth $54 million to different cryptocurrency exchanges including Coinbase and Kraken according to the data from on-chain analytic firm Arkham Intelligence.
German government move 900 BTC to CEXs
However, this massive 900 BTC moves in three different transactions. In the first transaction, they sold 200 BTC to Coinbase, whereas in the second transaction, they sold another 200 BTC to Kraken. However, Arkham Intelligence also highlighted that the government sold the largest 500 BTC worth $30 million to an unknown wallet address 139Po.
This is the third time in the last 7 days, that the government of Germany is offloading their BTC holding. The two major sales were observed on June 19 and 20, where they offloaded a massive 500 BTC for the first time and later 800 BTC. Following this massive BTC transfer in the last 7 days, the government still holds a massive 46,359 BTC in its wallet.
Following this massive BTC transfer to these exchanges and unknown wallet, there has been a panic in the market about whether the market will sustain or not. Although Currently, BTC is struggling near the $61,100 level, whereas other tokens like Bitcoin Cash (BCH), BNB, and XRP still struggling.
However, the government-labeled wallet holding of a massive $2.8 billion in BTC can create a huge impact on Bitcoin price and also tank BTC price below $60,000 crucial level.
Bitcoin technical analysis and key level
According to expert technical analysis, BTC is looking bullish as it is above a crucial level of $60,000. However, yesterday’s massive fall didn’t sustain in the market and BTC price recovered immediately after reaching its 200 EMA (Exponential Moving Average) on a daily time frame and the $58,800 mark. Additionally, the last time when the BTC price came to this level, it massively soared 16% and hit the $71,000 mark. It is important to note whether this time price will reverse or not.
Despite massive BTC transfers, currently, Bitcoin looks recovering and in the last 24 hours, it only experienced a 0.2% negative move. If we look at the performance of BTC over a longer period, in the last 7 days BTC lost 6.5% of its gain.
Whereas, in the last 30 days, BTC lost nearly 12% of its gain, according to the data from coinmarketcap. However, data also shows the majority of investors and traders participating in BTC as the 24-hour trading volume zoomed by 48%.
