Wednesday

Bitcoin

The German government has recently begun selling millions of dollars worth of Bitcoin (BTC) from a confiscated wallet, further contributing to the lack of catalysts for a price recovery in the cryptocurrency market.&nbsp; 
The move comes as increased selling activity and unprecedented selling by long-term BTC whales have led to a sharp price correction, preventing Bitcoin from consolidating above $70,000 and retesting its previous all-time high. 
<h2 id="whales-and-german-government-fuel-market-volatility">Whales And German Government Fuel Market Volatility</h2> 
<a href="https://x.com/ArkhamIntel/status/1803808325391335619" target="_blank" rel="noopener nofollow">According </a>to blockchain analysis platform Arkham, the German government has initiated the process of selling Bitcoin on cryptocurrency exchanges. During Thursday’s morning trading session, $65 million worth of BTC was sent to two likely exchange deposits, including Coinbase.&nbsp; 
NewsBTC <a href="https://www.newsbtc.com/bitcoin-news/bitcoin-market-alert-german-government-agency-sends-425m-worth-of-btc-to-exchanges/" target="_blank" rel="noopener ">reported </a>on Wednesday that the German Government moved $600 million worth of BTC, with $130 million sent to four likely exchange deposits, including Kraken and Bitstamp. Arkham’s records indicate that the German Government still holds $3.05 billion worth of BTC. 
In late January, the German police seized the country’s largest cryptocurrency, confiscating 50,000 Bitcoin worth $2.17 billion. The seizure occurred after the suspects voluntarily transferred the BTC to <a href="https://www.newsbtc.com/news/banks-bust-bitcoin-booms-price-skyrockets-40-during-us-banking-crisis/" target="_blank" rel="noopener ">official wallets </a>provided by the Federal Criminal Police Office (BKA). 
Moreover, recent on-chain <a href="https://x.com/Tyler_Did_It/status/1803542101055119855" target="_blank" rel="noopener nofollow">data </a>reveals that long-term BTC whales have sold a substantial $1.2 billion worth of Bitcoin over the past two weeks, further exacerbating the market downturn.&nbsp; 
<h2 id="bitcoin-price-analysis">Bitcoin Price Analysis</h2> 
In a recent <a href="https://x.com/thescalpingpro/status/1803810617129918822" target="_blank" rel="noopener nofollow">social media post</a>, technical analyst Mags, provided an insightful analysis of Bitcoin’s current price action, suggesting a potential mid-range breakdown. Mags highlights two possible scenarios for the market’s future direction:&nbsp; 
<ul> 
 <li>Scenario 1: Reclaim the mid-range: According to Mags, the recent pump on Thursday, which temporarily pushed the price above $66,000, has been completely retraced as BTC trades at $64,860, indicating a <a href="https://www.newsbtc.com/news/ripple/xrp-price-aims-0-550/" target="_blank" rel="noopener ">bearish retest</a> on the daily chart.&nbsp;</li> 
 <li>Scenario 2: Retesting the range low: Mags highlight an important support level near the range low of $60,500. This level holds significance in determining the potential future trajectory of BTC’s price.&nbsp;</li> 
</ul> 
Bitcoin reclaims the mid-range level in this scenario, leading to a potential run back towards the range high. According to Mags’ analysis, if this scenario <a href="https://www.newsbtc.com/news/bitcoin-volatility-reaches-historic-low/">plays out</a>, it may result in a breakout above the previous range high, suggesting a bullish trend continuation. 
Alternatively, BTC may retest the range low before moving higher. If this scenario unfolds, it could lead to a prolonged period of sideways movement, potentially prolonging the consolidation phase.&nbsp; 
However, even in this scenario, Mags maintains a bullish outlook as the overall higher time frame structure remains positive. 
<img loading="lazy" decoding="async" class="size-large" src="https://www.tradingview.com/x/y18xflPg/" alt="Bitcoin" width="1815" height="858"> 
Featured image from Shutterstock, chart from TradingView.com&nbsp;

German Government’s Bitcoin Dump Surpasses $195M As Selling Spree Persists

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