Yesterday, on-chain analytics firm Lookonchain announced that the German government has transferred 10,627 BTC ($615.3 million) out and received 4,169 BTC ($239.6 million). They sold 6,458 BTC ($375.7 million) and held 9,094 BTC ($522.29).
However, a new report from the on-chain analytics firm showed that the government has sold all its BTC in 24 days. They sold a total of 50,179 BTC, which is $3.3 billion.
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Based on the report, the German government transferred 9,594 BTC ($553.7 million) and received 500 BTC ($28.6 million) in the past 24 hours and currently does not hold any BTC.
The selling action of the German government has been a major factor in the plummeting Bitcoin and crypto prices in recent days. However, the price has also stopped dipping and seems to be stabilizing.
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Show more +The price of Bitcoin has stabilized, with the price support already holding around $55,000. For the past 5 days, it has been trading between $56,000 and $58,000. If the support continues to hold, we may see a slight move upward toward a key $60,000 resistance level.
The relative strength index is currently at 42, meaning that the price is not overbought or oversold. In the case of a continued rally, it has room to increase in value.
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