Over the past two weeks, the German government has garnered significant attention from investors, traders, and institutions by moving Bitcoin (BTC) to centralized exchanges (CEXs). Today, on July 1, 2024, the government transferred an additional 1,500 BTC worth $94.7 million, with 400 BTC valued at $25.3 million moved to Bitstamp, Coinbase, and Kraken, as reported by on-chain analytic firm Lookonchain.
German Government Moves 1,500 BTC Worth $94 Million
This recent transfer marks the third significant BTC movement in two weeks. Previously, the government transferred 1,300 BTC on June 19, 2024, and another 900 BTC on June 25, 2024. These consistent BTC transfers have raised concerns among investors, as the reasons behind them remain unclear. Following this latest transaction, the German government holds 44,692 BTC valued at $2.82 billion.
Despite these substantial movements, the market has shown no adverse impact on BTC’s price. According to CoinMarketCap, BTC is currently trading near $63,120, showing a 2.9% increase in the last 24 hours. Additionally, trading volume surged by 58%, indicating strong investor and trader participation. Open interest (OI) also increased by 2.3%, reflecting bullish sentiment.
Over the past seven days, BTC has risen by 1% despite a significant price drop. However, in the last 30 days, BTC has seen a 7% decline in price.
Bitcoin Technical Analysis and Key Levels
Technical analysis experts indicate a bullish outlook for BTC, as it recently broke out of a consolidation zone and closed above a strong resistance level of $62,400. On the 4-hour time frame, there is a potential for a retest of the $62,400 level. If the bullish momentum continues, BTC may reach the $65,000 resistance zone.
The bullish sentiment surrounding Bitcoin has positively impacted the overall market, which is up by 2.65%, according to CoinMarketCap data. Other top assets like Ethereum (ETH), Solana (SOL), BNB (BNB), Dogecoin (DOGE), and Cardano (ADA) also experienced significant price surges. In the last 24 hours, ETH, SOL, BNB, DOGE, and ADA have increased by 2.5%, 4.5%, 1.3%, 2.2%, and 4%, respectively.
Not a financial advice.