The price of Bitcoin (BTC) experienced a decrease of 2.96%, dropping from its high of $66,451.77 to a low of $64,542.39.
The German government has sold over $195 million worth of BTC thus far, contributing to the significant fluctuations in Bitcoin’s value as the cryptocurrency community grapples with the consequences of major market activities.
According to data from Arkham Intelligence, the German government has sold more than $195 million worth of Bitcoin. They recently transferred $65 million in BTC to crypto exchanges like Coinbase, following a $600 million movement the previous day. Despite these sales, they still possess approximately $3.05 billion in Bitcoin, which has led to widespread speculation about its impact on the market.
Bitcoin briefly experienced a recovery, surpassing the $65,500 mark and reaching above $65,800 on June 20. However, it faced strong resistance around $66,000, reaching a peak of $66,387 before entering another decline. Currently, Bitcoin is trading at $64,550, representing a 1.25% decrease over the past 24 hours, with the $64,100 support zone being tested.
Amidst this decline, positive news has emerged in the Bitcoin market. MicroStrategy, led by Michael Saylor, has acquired an additional 11,931 BTC at an average price above $65,883 per Bitcoin. This purchase brings their total Bitcoin holdings to 226,331 BTC, valued at $14.60 billion.
In addition, Argentina’s President Javier Milei has announced plans to promote free competition in currencies, including Bitcoin. President Milei’s endorsement of Bitcoin aims to enhance currency freedom in the nation, fostering a positive outlook for cryptocurrency adoption in Argentina.
Despite these positive developments, Bitcoin remains below the $64,800 mark and the 100-hourly simple moving average. If the price attempts another upward movement, it may encounter resistance near $65,250, with subsequent key resistances at $65,500 and $65,900. A decisive breakthrough above $65,900 could lead to a steady increase, potentially testing the $67,200 and $69,250 resistance levels.
On the other hand, if Bitcoin fails to surpass the $64,800 resistance, it could face further declines. Immediate support can be found around $64,400, with significant support at $64,150 and $64,000. Any additional losses may push the price towards the $63,700 support zone in the near future.