Bitcoin

Arkham

<ul>
 <li>BTC’s price reflects a 7.29% decline over the past month.</li>
 <li>The German government has transferred 832 Bitcoins worth $50 million in the last hour.</li>
</ul>
Bitcoin (BTC) witnessed a slight spike over the day struggling to surpass higher marks. The asset’s price faced multiple r passed through several resistance-support levels over the past 30 days. BTC fluctuates within the $59,000–$71,000 range over the past 30 days.
Noting an increase of 0.59% in the last 24 hours, BTC traded at $62,482 at the time of writing. According to the <a href="https://coinmarketcap.com/currencies/bitcoin/#Chart" target="_blank" rel="noopener noreferrer nofollow">CMC</a> data, the daily trading volume stood at $22.15 billion, reflecting an increase of 2.04%.
This price surge has been observed while the German government has transferred its Bitcoin holdings. According to <a href="https://platform.arkhamintelligence.com/explorer/entity/germany" target="_blank" rel="noopener noreferrer nofollow">Arkham Intelligence</a>, the German government has transferred 832 Bitcoins worth $50 million in the last hour.&nbsp;
Over the past few days, the <a href="https://thenewscrypto.com/is-the-german-government-behind-bitcoins-recent-dip/" target="_blank" rel="noopener noreferrer nofollow">German government</a> has moved more than 5,000 Bitcoins or 10% of its holdings. The motive behind the recent <a href="https://thenewscrypto.com/bitcoin-dips-amid-german-governments-btc-sell-off-concerns/" target="_blank" rel="noopener noreferrer nofollow">sell-off</a> by the government is undefined. The current holdings can be totaled at 43.359K BTC, worth $2.72 billion.&nbsp;
<h3 class="wp-block-heading" id="h-can-the-bulls-defeat-the-bears">Can the Bulls Defeat the Bears?</h3>
Over the past week, Bitcoin observed an increase of only 2.14%.&nbsp; On the other hand, over the last month, it was down by 7.29%. On June 7, BTC hit $71K but slid to a low of $59K near the closure of June, on the 25th. With the daily RSI, which stands at 43.04, it could be inferred that BTC is near the oversold zone.&nbsp;
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXd_96Lvwc859nLRmetK_UEgDsPzNB6EU4SS59cdDzxZa_CHVW1irxtVHbzcCus3f1c5LR8lnju_xrYtEf8HNPYa7lTtCvO-TlxYLDD7kerkQ-D85rekojA_Ag63NS7XPpIZg-_kava-IuEeAwcSd4o4yfZR?key=P0EZlDVMdteTK-TtUfWaJw" alt="">
 <figcaption class="wp-element-caption">BTC Price Chart (Source: TradingView)
 </figcaption>
 </figure>
</div>
If there is an upward wave appears, Bitcoin could face initial resistance near the $63,780 level. If the bullish rally continues, BTC could test even higher resistances such as $64,196 and $64,434.
Conversely, if the bears take the lead, the Bitcoin price might drop to the $62,000 range. Furthermore, BTC might fall to lower support levels such as $61,690 and $61,255 level.&nbsp;
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How is BTC Price Affected by the German Government’s BTC Transfer?

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