Bitcoin

Arkham

<ul>
 <li>Bitcoin (BTC) price declined by 2.96% from a high of $66,451.77 to a low of $64,542.39.</li>
 <li>The German government has sold over $195 million worth of BTC so far.</li>
</ul>
Bitcoin (BTC) has displayed significant fluctuations as the cryptocurrency community grapples with the implications of major market activities. The German government has been actively <a href="https://thenewscrypto.com/what-german-governments-425m-worth-btc-transfer-reveals/" target="_blank" rel="noopener noreferrer nofollow">selling off</a> substantial amounts of Bitcoin, adding considerable pressure to the market.&nbsp;
According to the data from <a href="https://x.com/ArkhamIntel/status/1803808325391335619" target="_blank" rel="noopener noreferrer nofollow">Arkham Intelligence</a>, Over $195 million worth of Bitcoin sold so far. The government recently transferred $65 million in BTC to crypto exchanges such as Coinbase, following a $600 million BTC movement the day prior. Despite this, they still hold approximately $3.05 billion in Bitcoin, which has sparked widespread speculation regarding its impact on the market.&nbsp;
Bitcoin saw a brief recovery wave, surpassing the $65,500 mark and climbing above $65,800 on June 20. Further, it faced strong resistance around $66,000, peaking at $66,387 before starting another decline. Currently, Bitcoin is trading at $64,550, marking a 1.25% drop over the last 24 hours, having tested the $64,100 support zone.
<h3 class="wp-block-heading" id="h-will-bitcoin-bulls-push-prices-higher">Will Bitcoin Bulls Push Prices Higher?</h3>
Amid this decline, positive news has emerged in the Bitcoin market. MicroStrategy, led by Michael Saylor, has <a href="https://thenewscrypto.com/microstrategy-adds-11931-bitcoins-amid-800m-convertible-notes-sale/" target="_blank" rel="noopener noreferrer nofollow">acquired</a> an additional 11,931 BTC at an average price above $65,883 per Bitcoin. This acquisition brings their total Bitcoin holdings to 226,331 BTC, valued at $14.60 billion.
Adding to the optimism, Argentina’s President Javier Milei has <a href="https://thenewscrypto.com/argentina-president-voices-support-for-bitcoin-eyeing-economic-revival/" target="_blank" rel="noopener noreferrer nofollow">announced</a> plans to promote free competition in currencies, including Bitcoin. President Milei’s endorsement of Bitcoin aims to enhance currency freedom in the nation, fostering a positive outlook for cryptocurrency adoption in Argentina.
Despite these positive developments, Bitcoin remains below $64,800 and the 100-hourly simple moving average. If the price attempts another upward move, it may encounter resistance near $65,250, with subsequent key resistances at $65,500 and $65,900. A decisive move above $65,900 could lead to a steady increase, potentially testing the $67,200 and $69,250 resistance levels.
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="518" src="https://thenewscrypto.com/wp-content/uploads/2024/06/image-99-1024x518.png" alt="" class="wp-image-101405" srcset="https://thenewscrypto.com/wp-content/uploads/2024/06/image-99-1024x518.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/06/image-99-300x152.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/06/image-99-768x388.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/06/image-99.png 1302w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
Conversely, if Bitcoin fails to break above the $64,800 resistance, it could face further declines. Immediate support lies around $64,400, with significant support at $64,150 and $64,000. Any additional losses might drive the price toward the $63,700 support zone in the near term.

Bitcoin Dips Amid German Government’s BTC Sell-Off Concerns

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TheNewsCrypto

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