German government accounts have again started selling their Bitcoin holdings in what seems to be an offloading attempt. The sale comes at a time when BTC prices have been trying to find a support value to stay stable, however, the price drop is still constant.
German Govt Sells $13 Million Worth BTC
The German government seems to have sold Bitcoin again, as seen by the $13 million they sent to Coinbase. However, this move is not the first in the trend. Previously a German government agency moved $425 million in Bitcoin to a different wallet, sending part of it back to the original wallet and transferring some of it to accounts used for deposits on cryptocurrency exchanges.
Transactional data revealed $32 million in deposits to Bitstamp and Kraken, each of which may be indicative of a sale.
The German government’s attempt to offload BTC holdings started in January. At the start of 2024, German agencies saw a massive seizure of 50,000 BTC in January. It was thought to be the biggest cryptocurrency seizure ever carried out in Germany at the time.
The accused willingly transferred most of the Bitcoins to official wallets supplied by the German Federal Criminal Authorities Office (BKA), after which German authorities confiscated them. There are 43,350 BTC in the government wallet at the moment, worth a total of more than $2.8 billion.
Will Bitcoin Fall Further This Week?
Bitcoin’s current trading trajectory, while not meeting some investors’ expectations, holds potential for interesting developments. As Bankless Times previously reported, the Bitcoin chart analysis suggests a possible correction to the mean pricing band of $54,930.
If the current trend persists, losses could be on the horizon this week, primarily due to the ongoing spot Bitcoin ETF withdrawals. The cryptocurrency market’s anticipation of Fed-driven interest rate decreases has been tempered by relatively high bond yields, adding to the intrigue of Bitcoin’s future movements.
Over the previous 30 days, Bitcoin had 14/30 (47%) green days and 2.29% price volatility. Data indicates a widespread bearish mood for Bitcoin price prediction, with 13 technical analysis indicators indicating bullish signs and 19 indicating bearish signals.
Despite the bearish trading, the crypto markets are holding onto a glimmer of hope for a revival in Bitcoin prices in July. As of July 20, 2024, the price of Bitcoin is projected to increase by a significant 31.76% to reach $85,549. While most technical indicators currently point to a bearish sentiment, the Fear & Greed Index stands at 60 (Greed), which hints at a potential shift in market sentiment.
