Why is Bitcoin Price Falling?🔎
Bitcoin (BTC) price fell as far as $54,800 at the time of writing, now finding buyers at $56,000. Volatility is extremely high. The biggest reason for this is Germany's ongoing BTC sales. So what has triggered this decline in the last few hours? Here are the details.
The 50,000 BTC confiscated by the German government has been sold in parts for a long time. Investors' risk appetite is significantly negatively affected as on-chain alarms sound with continuous transfers. The good news is that half of the total reserve melted with the latest institution sales made by the BKA of the German government.
Short-term intense selling pressure in the markets may weaken after the remaining BTC is also sold. However, we should see details that MTGOX returns will be slow.
– Track the movements of BTC transfers towards exchanges.
– Watch the German government's sales programs.
– Observe the timing of MTGOX returns and adjust your strategy accordingly. DYOR
