In the past two weeks, the German government has been continuously gaining massive attention from investors, traders, and institutions after they started moving Bitcoin (BTC) to centralized exchanges (CEXs). Today on July 1, 2024, the government once again moved a massive 1,500 BTC worth $94.7 million, with 400 BTC worth $25.3 million transferred to Bitstamp, Coinbase, and Kraken according to the data from an on-chain analytic firm Lookonchain.
German Government moves 1,500 BTC worth $94 million
This massive 1,500 BTC transfer is the third time in the last 2 weeks. Initially, they transferred a massive 1,300 BTC on June 19, 2024, and another 900 BTC on June 25, 2024. This continuous BTC transfer from the government holding is raising concern among the investors as the reason is yet unknown. Following this recent BTC transfer, the German government currently holds a massive 44,692 BTC worth $2.82 billion.
However, the market didn’t see any impact on the price of BTC. According to coinmarketcap, BTC is currently trading near $63,120, and in the last 24 hours, it has gained an impressive 2.9% of upside move. Besides the impressive price surge, the trading volume also surged by 58% showing strong investors’ and traders’ participation in BTC. On the other hand, open interest (OI) has also increased by 2.3% showing the same bullishness.
If we look at the performance of BTC over a longer period, in the last 7 days after the massive price drop it is still up by 1 %. Whereas, in the last 30 days, BTC has seen a 7% price drop.
Bitcoin technical analysis and key levels
According to the expert technical analysis, BTC is looking bullish as it gave a strong breakout consolidation zone and daily candle above a strong resistance level of $62,400 level. Whereas, in a 4-hour time frame there is a possibility of a potential retest of 62,400 level. If this bullish upside move continues then there is a high chance that the BTC price will reach to $65,000 level which is another major resistance zone.
Because of this bullish outlook of world’s biggest cryptocurrency overall market is up by 2.65% according to data from coinmarketcap. Apart from BTC, other top assets like Ethereum (ETH), Solana (SOL), BNB (BNB), Dogecoin (DOGE), and Cardano (ADA) also experienced an impressive price surge. In the last 24 hours, ETH, SOL, BNB, DOGE, and ADA have seen a price surge of 2.5%, 4.5%, 1.3%, 2.2%, and 4% respectively.
