Bitcoin declines despite German government transfers

On Wednesday, US spot Bitcoin ETFs fell slightly.

On Thursday, the German government sent 3,000 BTC worth $174 million.

Positive exchange netflow and declining Taker Buy Sell Ratio on-chain.

NPL statistics rose on Wednesday.

Bitcoin (BTC) fell 4.2% over the following two days after hitting $63,956 daily barrier on Monday. BTC drops below $58,000 on Thursday, losing almost 4%.

On-chain data shows whales are taking gains, exchange supplies are rising, US spot Bitcoin ETFs are outflowing, and the Taker Buy Sell Ratio is below one, on the same day the German Government transferred 3,000 BTC worth $172 million. This suggests market weakness that might lower BTC prices.

Bitcoin fell 4.2% in two days after the daily resistance level of $63,956 was failed on Monday. Thursday's trade is down more than 4% at $58,000.

If BTC closes below the weekly support level at $58,375, it might fall 3% to $56,522, its May 1 low.

On the daily chart, the Relative Strength Index (RSI) and Awesome Oscillator (AO) are below their neutral values of 50 and zero, supporting this bearish thesis. This signals bearish momentum, which might lower Bitcoin prices.

BTC might drop another 8% to $52,266 if bears are strong and the crypto market remains bearish.

If BTC closes over the $63,956 daily barrier mark and makes a higher daily high, positive sentiment may remain. Bitcoin's price may gain 5% to reach its next weekly barrier at $67,147.

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