BTC’s price has experienced a 7.29% decline in the last month, while the German government has recently transferred 832 Bitcoins valued at $50 million. Bitcoin (BTC) has shown a small increase over the day, struggling to surpass higher marks and facing resistance-support levels in the past 30 days. The cryptocurrency has fluctuated within the $59,000–$71,000 range during this time.
As of the time of writing, BTC is trading at $62,482, a 0.59% increase in the last 24 hours, and with a daily trading volume of $22.15 billion, reflecting a 2.04% increase, according to CMC data. This price surge coincides with the German government’s transfer of its Bitcoin holdings, with more than 5,000 Bitcoins or 10% of its holdings moved in the past few days, bringing their current total holdings to 43.359K BTC, worth $2.72 billion.
It remains unclear why the government has chosen to sell off a portion of its holdings. Bitcoin’s recent performance has seen a 2.14% increase over the past week but a 7.29% decrease over the last month. BTC reached a high of $71K on June 7, but dropped to a low of $59K at the end of June. With a daily RSI of 43.04, BTC is nearing the oversold zone.
In the event of an upward trend, Bitcoin could face initial resistance at the $63,780 level, with the potential to test even higher resistances at $64,196 and $64,434. Conversely, if the bears take control, the price might drop to the $62,000 range and fall to lower support levels at $61,690 and $61,255.
In other cryptocurrency news, investors have pulled $60 million from Ether products amid shifting market trends.