BTC price suffered a sharp drop, and Germany transferred 16,000 BTC, causing market turmoil.

Yesterday, Germany transferred the seized BTC, and the mainstream plummeted.

Germany transferred 16,000 BTC to platforms such as Coinbase and K.com. At the same time, market makers and other institutions received Germany's application for selling.

BTC worth $900 million hit the market into a deep pit, and then market makers returned $160 million. It is said that the liquidity was too poor and not all were sold.

It is worth noting that not only Germany, but also the United States and a certain place have also reported the sale of BTC. I think the news of the sale is just the beginning. Why the concentrated sale is more important than the sale itself.

BTC:

BTC: Germany's selling expectations have a short-selling effect on BTC. BTC pulled back to the 5-day line, repaired the decline, and the hourly line continuously inserted pins, confirming the short selling pressure. The lower $55,622 is the key point of the box. Only when BTC stands firmly at $55,622 can it build a bottom and strengthen, and enter a bullish upward trend. Next, BTC will rebound at $55,622.

Resistance: 58416, 60518, 62254

Support: 55622, 54218, 53656

ETH:

11,000 ETH were transferred to Coinbase, which played a role in the expected selling pressure on ETH. ETH is still in a triangle convergence trend. The hourly line retraced the 5-day line. The $2965 below is the key point of the support line. ETH bottomed out and rebounded at $2965 to confirm the bottom support and enter a new round of upward trend. Next, ETH bottomed out and rebounded at $2965.

Resistance: 3124, 3222, 3356

Support: 2965, 2857, 2774

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