Parabolic

Bitcoin

when

Arkham

Bitcoin (BTC) recently plunged to a one-month low of $64,000, causing concern among bullish investors who now fear impending <a href="https://www.newsbtc.com/news/bitcoin-volatility-reaches-historic-low/" target="_blank" rel="noopener ">selling pressure</a> and a potential retest of lower support levels.&nbsp; 
Adding to these concerns, it has come to light that a wallet belonging to the German police has moved $425 million worth of BTC to cryptocurrency exchanges, according to on-chain data firms. This development has sparked speculation about the agency’s intentions and potential market impact. 
<h2 id="selling-pressure-concerns">Selling Pressure Concerns</h2> 
On Wednesday, crypto data analytics firm Arkham <a href="https://platform.arkhamintelligence.com/explorer/entity/germany" target="_blank" rel="noopener nofollow">detected </a>a significant cryptocurrency wallet named “German Government (BKS),” transferring 6,500 BTC, equivalent to $425 million.&nbsp; 
The wallet, which had held over 50,000 BTC since the end of January 2024, moved the funds to a new address. Some of the transferred BTC was sent to popular exchanges Kraken and Bitstamp. 
<img loading="lazy" decoding="async" class="size-large wp-image-625496" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot_201.jpg?w=860&amp;resize=860%2C551" alt="Bitcoin " width="860" height="551" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot_201.jpg?w=934 934w, https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot_201.jpg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot_201.jpg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot_201.jpg?w=860&amp;resize=860%2C551 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Screenshot_201.jpg?w=750 750w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
The recent movement of BTC by the German government agency follows a significant <a href="https://www.reuters.com/world/europe/german-police-seizes-217-billion-bitcoin-most-extensive-action-ever-2024-01-30/" target="_blank" rel="noopener nofollow">seizure </a>of 50,000 BTC in January. At the time, it was regarded as the largest cryptocurrency seizure ever conducted in Germany.&nbsp; 
The bulk of the BTCs were seized by German police, with the suspects voluntarily transferring them to <a href="https://www.newsbtc.com/news/ripple/xrp-price-aims-0-550/" target="_blank" rel="noopener ">official wallets</a> provided by the German Federal Criminal Police Office (BKA). Currently, the government wallet contains 43,350 BTC with a total value of over $2.8 billion. 
Crypto analyst Daan Crypto Trades <a href="https://x.com/DaanCrypto/status/1803359854846787925" target="_blank" rel="noopener nofollow">suggested </a>that transferring BTC from the German government’s wallet to exchanges may have contributed to the emergence of short positions and a slight dip in Bitcoin’s price during Wednesday’s trading session. This move raises concerns about potential selling pressure in the market and its impact on Bitcoin’s price trajectory. 
<h2 id="bitcoin-faces-downtrend-signal">Bitcoin Faces Downtrend Signal&nbsp;</h2> 
Regarding <a href="https://www.newsbtc.com/news/banks-bust-bitcoin-booms-price-skyrockets-40-during-us-banking-crisis/" target="_blank" rel="noopener ">price action</a> analysis of the largest cryptocurrency on the market, BTC is at a crucial juncture as analysts offer contrasting perspectives.&nbsp; 
Technical analyst Ali Martinez <a href="https://x.com/ali_charts/status/1803420971576987844" target="_blank" rel="noopener nofollow">suggests </a>a potential continuation of the downtrend as Bitcoin’s recent breach of the +0.5σ market value to realized value (MVRV) price band at $67,890 indicates the potential for a correction toward the mid-price band at $54,930. 
<img loading="lazy" decoding="async" class="size-large wp-image-625495" src="https://www.newsbtc.com/wp-content/uploads/2024/06/GQbfax5W0AA-9ya.jpeg?w=860&amp;resize=860%2C484" alt="Bitcoin " width="860" height="484" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/GQbfax5W0AA-9ya.jpeg?w=1800 1800w, https://www.newsbtc.com/wp-content/uploads/2024/06/GQbfax5W0AA-9ya.jpeg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/GQbfax5W0AA-9ya.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/GQbfax5W0AA-9ya.jpeg?w=860&amp;resize=860%2C484 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/GQbfax5W0AA-9ya.jpeg?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/GQbfax5W0AA-9ya.jpeg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/GQbfax5W0AA-9ya.jpeg?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
&nbsp;Martinez points out that when the MVRV is below the 1-year simple moving average (SMA), it often signals a downtrend. This analysis suggests BTC may experience further downward price pressure due to the heavy distribution near the top. 
In contrast to Martinez’s <a href="https://www.newsbtc.com/news/bitcoin-takes-control-in-market-meltdown-dominance-climbs-to-9-week-peak/" target="_blank" rel="noopener ">bearish outlook</a>, another analyst who goes by the pseudonym “Titan of Crypto” remains bullish on the Bitcoin bull market.&nbsp; 
The analyst points to the Parabolic SAR indicator and the LMACD (Logarithmic MACD) on the 2-month chart, indicating that the bull market is still intact. <a href="https://x.com/Washigorira/status/1803445687931072797" target="_blank" rel="noopener nofollow">According </a>to the analyst, these indicators suggest that BTC’s bullish momentum remains intact. 
However, the future direction of Bitcoin’s price remains uncertain, with investors cautiously navigating the evolving market conditions. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/oHkmJCJW/" alt="Bitcoin" width="1815" height="858"> 
At the time of writing, BTC was trading at $64,850, down over 7% in the last seven days alone, demonstrating the bearish sentiment surrounding the Bitcoin market.&nbsp; 
Featured image from DALL-E, chart from TradingView.com&nbsp;

Bitcoin Market Alert: German Government Agency Sends $425M Worth Of BTC To Exchanges

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