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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-faces-pressure-from-large-sell-offs-by-mt-gox-and-german-authorities/" data-wpel-link="internal">Bitcoin Faces Pressure from Large Sell-Offs by Mt. Gox and German Authorities</a><br></p>
<p style="text-align: justify"><strong>Bitcoin</strong> (BTC) is currently under significant pressure due to large sell-offs. Mt. Gox exchange and German authorities are rapidly liquidating substantial Bitcoin holdings. This situation affects <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">market</a> dynamics, causing price fluctuations. Germany plans to quickly liquidate its Bitcoin holdings. Recently, 16,038 BTC were transferred from government wallets to various crypto exchanges and market makers. Since June 19, a total of 26,071 BTC have been sold, leaving only 23,788 BTC in their wallets. Despite these challenges, there are critical support levels to consider.</p> 
<h2 style="text-align: justify" id="levels-to-watch-in-bitcoin">Levels to Watch in Bitcoin</h2> 
<p style="text-align: justify">In an article published on TradingView on July 9, analyst RLinda analyzed Bitcoin’s technical indicators and price movements. Technically, RLinda identified a flag formation in the Bitcoin market, indicating a potential upward breakout. This formation, combined with high fear and negative sentiment, suggests a possible end to the bearish phase and the beginning of bullish momentum.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-369105 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/07/btc.jpg" alt="" width="1515" height="857"></p> 
<p style="text-align: justify">The price is currently ranging between $58,500 and $53,500, indicating a consolidation period. Key resistance levels are identified at $58,500 and $64,000, while support levels are seen at $53,500 and $53,000. The growth in trading volumes and price stability around the lower boundary of the flag formation indicate strong buying interest. Buyers are creating a horizontal range between $58,500 and $53,500, preventing a potential decline.</p> 
<h2 style="text-align: justify" id="potential-scenarios-and-strategies-for-btc">Potential Scenarios and Strategies for BTC</h2> 
<p style="text-align: justify">Breaking the $58,500 resistance could trigger bullish momentum, targeting $64,000. Conversely, falling below $53,500 could lead to further declines, testing lower support levels around $50,500-$51,000. The market is awaiting the potential approval of an <strong><a href="https://en.coin-turk.com/justin-sun-withdraws-ethereum-from-binance-2/" data-wpel-link="internal">Ethereum</a> ETF</strong>, which could boost investor sentiment and benefit Bitcoin.</p> 
<p style="text-align: justify">For buyers, closely monitoring the $58,500 resistance level is crucial. A strong volume breakout could indicate potential buying opportunities targeting $64,000. On the other hand, sellers should be cautious of the $53,500 support level. Falling below this level could signal further declines, offering opportunities to minimize losses or short-sell.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-faces-pressure-from-large-sell-offs-by-mt-gox-and-german-authorities/" data-wpel-link="internal">Bitcoin Faces Pressure from Large Sell-Offs by Mt. Gox and German Authorities</a></h5>

Bitcoin Faces Pressure from Large Sell-Offs by Mt. Gox and German Authorities

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