Germany’s selling pressure threatens Bitcoin’s $60K

Germany has put a massive amount of Bitcoin on the market, causing a stir in the community. The German Government’s (BKA) cryptocurrency wallet unloaded more than $54 million worth of Bitcoin in just one day. On June 25, the wallet sold 900 BTC in three transactions. This selling pressure could drag Bitcoin’s price below $60,000.

The first two transactions involved 200 BTC each, and they were sent to Coinbase and Kraken. The third and largest transaction, worth 500 BTC (over $30 million), went to a mysterious wallet labeled “139Po.” This wallet has interacted with the German government before, so it’s suspicious.

Data from Arkham shows that Germany sent 800 BTC to “139Po” on June 20, followed by another 500 BTC on June 19. Despite it all, the German government’s wallet still holds 46,359 BTC.

Breaking down the German Government’s (BKA) portfolio, it reveals a total value of $2,833,872,260.24. The price of Bitcoin at the time was $61,129.00, showing a minor drop of $66. The value change for the portfolio was a decrease of $3.06 million.

Germany has been busy in the market. Five days ago, they received 300 BTC ($19.48 million) from Kraken and sent 200 BTC ($13.16 million) to Coinbase. Another 800 BTC ($52.65 million) went to wallet “139v6VcXR.” Internal transfers of 1,000 BTC ($65.96 million) were also made.

Bitcoin can’t catch a break

Bitcoin has been reeling from the Mt. Gox FUD, and Germany’s sell-offs have destabilized it some more. At press time, its price was $61,129, down by 0.38%. The 24-hour trading volume has increased by 32.45%, reaching $76.61 billion.

The market cap stood at $1.20 trillion. Open interest (OI) saw a 2.85% decline, landing at $32.36 billion. It has seen $101.13 million liquidated in the past 24 hours.

Other cryptocurrencies, however, remain unaffected for the time being. ETH’s price rose to $3,372.45, with a 1.27% increase. Solana surged by 7.42%, BNB saw a slight 0.13% rise, and DOGE jumped by 4.87%.

The presence of more confirmed double-top patterns suggests that upward movements in Bitcoin’s price might face resistance and potentially reverse downward near recent highs of around $62,000.

Mixed signals from the MACD (Moving Average Convergence Divergence) indicator tells us that the market is entering a consolidation phase.

With more double tops being confirmed (25 confirmations) compared to double bottoms (12 confirmations), the market sentiment leans towards bearishness.

Jai Hamid