German Government Sells 282.7 BTC Worth $17.65 Million, Increasing Bitcoin Sell Pressure

Germany transfers 832.7 BTC, valued at $52 million, with 282.7 BTC sent to major exchanges, increasing sell pressure.

The current trade price of Bitcoin is $62,000 & this trade price is 1.5% down over the last 24 hours. The trade price graph is showing clear sudden dump in the price level in the last 3 hours.

Germany & Bitcoin holdings 

Germany holds significant Bitcoin reserves from asset seizures. On July 2, 2024, the government transferred 832.7 BTC ($52 million), with 282.7 BTC ($17.65 million) sent to major exchanges, likely increasing market sell pressure. The exact total of their Bitcoin holdings remains undisclosed.

So far the German government authorities sent 3,000 BTC on multiple centralised crypto exchanges.

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According to Arkham, the German Government transferred a total of 282.74 BTC to Bitstamp, Coinbase and Kraken at 16:20 UTC+8, worth about $17.64 million. Since the previous two weeks, the German Government has transferred a total of more than 3,000 BTC to CEX.…

— Wu Blockchain (@WuBlockchain) July 2, 2024

According to Glassnode data, the German government had 49,858 BTC on January 16. Recently, they sold 5,999 BTC, bringing their total down to 43,859 BTC. Such large sales can create panic in the Bitcoin market, increasing sell pressure and potentially driving prices down.

#Germany held 49,858 BTC in January. After selling 5,999 BTC, their balance is now 43,859 BTC. Such large sales can increase market sell pressure and cause #Bitcoin price drops. pic.twitter.com/JEoNmAM2bX

— Bitcoinik (@Bitcoinikdotcom) July 2, 2024

Despite the bearish sentiments in the digital assets market, the top crypto analyst TitanOfCrypto shared bullish prediction for Bitcoin market.

Analysts predict a big bull run for Bitcoin, with a bullish Cup & Handle pattern forming on the weekly timeframe. The minimum price target is set at $123,000, indicating a strong upward potential.

#Bitcoin $123,000 Target !

A bullish Cup & Handle continuation pattern is currently forming on the weekly timeframe for #BTC .

And guess what? The minimum price target is more than reasonable. pic.twitter.com/4uCYqfRqG7

— Titan of Crypto (@Washigorira) July 2, 2024

Some other analysts stated that the Bitcoin’s price might experience some volatility due to recent sell-offs and market reactions. However, the overall trend appears bullish, with potential for significant upward movement, possibly towards the $123,000 target, assuming no major negative disruptions.

Read also: Robinhood Launches AI-Powered Crypto Tools for Smarter Investments

German Government Sells 282.7 BTC Worth $17.65 Million, Increasing Bitcoin Sell Pressure

 

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