Solana

Bitcoin

Arkham

Shockwaves

Higher

<h2 id="key-points">Key Points</h2>
<ul>
 <li>The German government has transferred 1,000 BTC to crypto exchanges and unmarked wallets amidst a bearish market.</li>
 <li>Bitcoin’s technical analysis shows a potential fall to the $52,800 support level.</li>
</ul>
<p>The German government has once again made a significant transfer of 1,000 <a href="https://coineagle.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> amidst a bearish cryptocurrency market.</p>
<p>At press time, Bitcoin was exhibiting a bearish trend, moving below the 200-day EMA, with a possible fall to the $52,800 level.</p>
<h2 id="major-cryptocurrencies-experience-price-drop">Major Cryptocurrencies Experience Price Drop</h2>
<p>The cryptocurrency market has seen a downturn with major assets including Bitcoin, <a href="https://coineagle.com/price/ethereum/" rel="noopener noreferrer nofollow">Ethereum (ETH)</a>, and Solana experiencing a price drop of over 2.5%, 2.7%, and 4.5%, respectively.</p>
<p>In the midst of this market downturn, the German government transferred a notable 1,000 BTC worth $55.8 million, according to data from blockchain intelligence firm Arkham.</p>
<h2 id="german-government-transfers-bitcoin">German Government Transfers Bitcoin</h2>
<p>Arkham reports that out of the 1,000 BTC transferred by the German Government, 500 BTC was sent to cryptocurrency exchanges including Bitstamp and <a href="https://coineagle.com/exchange/gdax/" rel="noopener noreferrer nofollow">Coinbase</a>, valued at $27.9 million.</p>
<p>The remaining 500 BTC, also worth $27.9 million, was transferred to an unmarked wallet address “139PoP.” Since June 19th, the government has transferred significant BTC to different exchanges and the same wallet address.</p>
<p>This continuous transfer of BTC by the German government has negatively impacted the cryptocurrency market. Since June 19th, BTC has fallen by more than 15%, dropping from the $65,200 level to the $55,700 level.</p>
<h2 id="bitcoin-technical-analysis">Bitcoin Technical Analysis</h2>
<p>Bitcoin’s on-chain analysis indicates a bearish trend as it broke down major support levels of $58,000 and formed a strong bearish candle below it.</p>
<p>In addition to this breakdown, BTC was moving below the 200 Exponential Moving Average (EMA) on a daily time frame, signalling bearishness. This suggests a high possibility of BTC falling to the $52,800 support level.</p>
<p>Despite the bearish signals, the Relative Strength Index (RSI) was in oversold territory, suggesting potential for a recovery.</p>
<h2 id="short-liquidation-higher">Short Liquidation Higher</h2>
<p>Despite the fall, bulls have liquidated only $46.97 million of long positions whereas short sellers have liquidated over $86 million of short positions, according to on-chain analytic firm Coinglass.</p>
<p>This higher number of short liquidations indicates that bulls are still present in the market. However, the Open Interest (OI) dropped by 4.3%, signalling fear among market participants.</p>
<p>As of this writing, BTC was trading near the $56,000 level, having experienced a price drop of over 2.5% in the last 24 hours. Over the last seven days, BTC has dropped by 10% and over the last 30 days, BTC has lost over 18% of its value.</p>

Germany’s 1K Bitcoin Sell-Off Sends Shockwaves Through Trading Community

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CoinEagle.com

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