Bitcoin

<ul>
 <li>German government transfers $225M worth of BTC to CEX.</li>
 <li>The daily RSI is at 33, indicating selling pressure on Bitcoin.</li>
</ul>
Bitcoin has been facing severe bearish momentum since mid-June. At the start of this week, it hit an 8-week low of $58,402. Several factors have contributed to the price drop, such as the announcement by the defunct bitcoin exchange Mt. Gox to distribute assets stolen from clients in a 2014 hack starting in the first week of July, after years of moving deadlines.
Another significant factor is the German government’s transfer of a net amount of 3,500 BTC ($225M) to centralized exchanges (CEX) at an average price of $64,364 in the past 7 days, which has drawn wider attention.
SpotOnChain revealed that 18 hours ago, the German Government moved out an additional 900 BTC ($54.76M), with 400 BTC ($24.34M) going to <a href="https://thenewscrypto.com/can-coinbase-wallet-revolutionize-nft-liquidity-with-dune404/" target="_blank" rel="noopener noreferrer nofollow">Coinbase</a> and Kraken. Now, they have 46,359 BTC ($2.88B) left. This coincides with a 6% dip in BTC over the past week.
Notably, yesterday, the German Government transferred out 2,000 BTC, of which 1,100 BTC ($72.4M) was deposited to CEX, including 500 BTC ($32.6M) to <a href="https://thenewscrypto.com/kraken-faces-major-bitcoin-and-ethereum-withdrawals-amid-surging-demand/" target="_blank" rel="noopener noreferrer nofollow">Kraken</a>, 500 BTC ($32.6M) to Bitstamp, 40 BTC ($2.61M) to Gemini, 40 BTC ($2.61M) to <a href="https://bitflyer.com/en-eu/" target="_blank" rel="noopener noreferrer nofollow">BitFlyer</a>, and 30 BTC ($1.96M) to Coinbase.
Meanwhile, it is also worth mentioning that the German Government seized 49,857 BTC (then worth $2.14B) from the pirated movie website Movie2k operator on January 16, 2024.
<h3 class="wp-block-heading" id="h-what-this-suggests-for-btc">What This Suggests for BTC?</h3>
The daily RSI is at 33, indicating significant selling pressure. The German government’s movements further worsen this pressure. Meanwhile, analysts suggest that TD Sequential presents a buy signal on the Bitcoin daily chart, predicting a rebound of one to four daily candlesticks for BTC.
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXeRrQ1fcU79Y9qONu6DINO7AY1ZMHWOGRAJ6m0mJtgmCZKep2VN-8aH__T6lqoW67ePr5L645ppZSrHrQaX4gbhQ6yrAUWML0W_ntnvgzsK27DGjDC_mRx50q7FzNBl7s17lPT7QTBxj7CBbxDke4bFtHI7?key=tEXLbR3aMscW1COoBjsYOg" alt="">
 <figcaption class="wp-element-caption">
 Bitcoin Price Chart, Source: TradingView
 </figcaption>
 </figure>
</div>
For Bitcoin bulls, sustaining momentum is crucial. The next significant milestone lies at the $63,144 mark, with $65,135 also in sight if the upward trend continues. Conversely, if the bears worsen the scenario, the <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">price</a> may drop to $58,514.
Highlighted News Of The Day
<a href="https://thenewscrypto.com/u-s-congressman-proposes-bill-to-allow-federal-tax-payments-in-bitcoin/" target="_blank" rel="noopener noreferrer nofollow">U.S Congressman Proposes Bill to Allow Federal Tax Payments in Bitcoin</a>

Is the German Government Behind Bitcoin’s Recent Dip?

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