{"id":625483,"date":"2024-06-19T23:00:41","date_gmt":"2024-06-19T23:00:41","guid":{"rendered":"https:\/\/wncen.com\/?p=625483"},"modified":"2024-06-19T17:47:24","modified_gmt":"2024-06-19T17:47:24","slug":"bitcoin-market-alert-german-government-agency-sends-425m-worth-of-btc-to-exchanges","status":"publish","type":"post","link":"https:\/\/wncen.com\/bitcoin-news\/bitcoin-market-alert-german-government-agency-sends-425m-worth-of-btc-to-exchanges\/","title":{"rendered":"Bitcoin Market Alert: German Government Agency Sends $425M Worth Of BTC To Exchanges"},"content":{"rendered":"

Bitcoin (BTC) recently plunged to a one-month low of $64,000, causing concern among bullish investors who now fear impending <\/span>selling pressure<\/span><\/a> and a potential retest of lower support levels.\u00a0<\/span><\/p>\n

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.<\/span><\/p>\n

Selling Pressure Concerns<\/span><\/h2>\n

On Wednesday, crypto data analytics firm Arkham <\/span>detected <\/span><\/a>a significant cryptocurrency wallet named “German Government (BKS),” transferring 6,500 BTC, equivalent to $425 million.\u00a0<\/span><\/p>\n

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.<\/span><\/p>\n

\"Bitcoin
BTC wallet movements by a German government agency early Wednesday. Source: Arkham<\/a><\/figcaption><\/figure>\n
Related Reading: Altcoin Massacre? Prices Plummet 40-90%, Recovery Stalled \u2014 Analyst<\/a><\/div>\n

The recent movement of BTC by the German government agency follows a significant <\/span>seizure <\/span><\/a>of 50,000 BTC in January. At the time, it was regarded as the largest cryptocurrency seizure ever conducted in Germany.\u00a0<\/span><\/p>\n

The bulk of the BTCs were seized by German police, with the suspects voluntarily transferring them to <\/span>official wallets<\/span><\/a> 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.<\/span><\/p>\n

Crypto analyst Daan Crypto Trades <\/span>suggested <\/span><\/a>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.<\/span><\/p>\n

Bitcoin Faces Downtrend Signal\u00a0<\/span><\/h2>\n

Regarding <\/span>price action<\/span><\/a> analysis of the largest cryptocurrency on the market, BTC is at a crucial juncture as analysts offer contrasting perspectives.\u00a0<\/span><\/p>\n

Technical analyst Ali Martinez <\/span>suggests <\/span><\/a>a potential continuation of the downtrend as Bitcoin’s recent breach of the +0.5\u03c3 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.<\/span><\/p>\n

\"Bitcoin
BTC’s MVRV Momentum indicator suggests a potential decline towards $54,000. Source: Ali Martinez on X<\/a><\/figcaption><\/figure>\n

\u00a0<\/span>Martinez <\/span>points ou<\/span>t 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.<\/span><\/p>\n

Related Reading: Is Solana A Good Buy? Finance CEO Predicts \u2018Magnificent\u2019 Autumn Rally<\/a><\/div>\n

In contrast to Martinez’s <\/span>bearish outlook<\/span><\/a>, another analyst who goes by the pseudonym “Titan of Crypto” remains bullish on the Bitcoin bull market.\u00a0<\/span><\/p>\n

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. <\/span>According <\/span><\/a>to the analyst, these indicators suggest that BTC\u2019s bullish momentum remains intact.<\/span><\/p>\n

However, the future direction of Bitcoin’s price remains uncertain, with investors cautiously navigating the evolving market conditions.<\/span><\/p>\n

\"Bitcoin\"
The daily chart shows BTC’s 24-hour sideways price action below $65,000. Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n

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.\u00a0<\/span><\/p>\n

Featured image from DALL-E, chart from TradingView.com\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

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.\u00a0 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.\u00a0 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 \u2014 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.\u00a0 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\u00a0 Regarding price action analysis of the largest cryptocurrency on the market, BTC is at a crucial juncture as analysts offer contrasting perspectives.\u00a0 Technical analyst Ali Martinez suggests a potential continuation of the downtrend as Bitcoin’s recent breach of the +0.5\u03c3 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. \u00a0Martinez 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 \u2018Magnificent\u2019 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.\u00a0 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\u2019s 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.\u00a0 Featured image from DALL-E, chart from TradingView.com\u00a0<\/p>\n","protected":false},"author":589,"featured_media":625486,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,485,6770,656,679,755,1119,1144,78790,6664,14690],"class_list":["post-625483","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-chart","tag-bitcoin-germany","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-technical-analysis","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-news"],"acf":[],"yoast_head":"\nBitcoin Market Alert: German Government Agency Sends $425M Worth Of BTC 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