Bitcoin

Bitcoin’s recent rebound was halted by the ongoing selloff from the German government. On Sunday, the German government transferred 700 BTC to an unidentified address. Despite this, Bitcoin has managed to reclaim significant support at $56,500.JOIN CRYPTOS HEADLINES<a href="https://t.me/CryptosHeadlines" rel="noopener noreferrer nofollow">TELEGRAM CHANNEL</a><img src="https://academy-public.coinmarketcap.com/optimized-uploads/546a1c82ffb345bc94b851ad457a8f92.svg&#43;xml" /><blockquote>Bitcoin’s potential rebound was halted early Thursday when on-chain trackers detected another large BTC transfer by the German government. According to data from Arkham Intelligence, the government moved 700 BTC, worth about $40.55 million, to an unmarked address (139PoP…H7ybVu) early Sunday morning.</blockquote><img src="https://academy-public.coinmarketcap.com/optimized-uploads/09dec98ea51e4d96b9276e95d1a999f8.png" /><h3 id="bitcoin-s-rebound-faces-challenges-amid-german-government-transfers">Bitcoin’s Rebound Faces Challenges Amid German Government Transfers</h3>Crypto users suspect that the unmarked address receiving <a href="https://cryptosheadlines.com/justin-sun-plans-bitcoin-deal-with-german-government-to-mitigate-market-impact/" rel="noopener noreferrer nofollow">Bitcoin from the German government</a> might be associated with an OTC service or institution. This latest transfer is part of a series of significant daily BTC transfers by the German government that began last week. Many of these transfers have been linked to centralized exchanges, coinciding with a recent crypto crash that resulted in Bitcoin’s most significant pullback since the last halving.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/4a6ba65f61b44e05b4883b8ff30795fe.png" />BTCUSD Daily Chart on <a href="https://www.tradingview.com/x/xLuckOPC/" rel="noopener noreferrer nofollow">TradingView</a>Despite these challenges, <a href="https://cryptosheadlines.com/bitcoin-price-drop-reasons-and-recovery-outlook/" rel="noopener noreferrer nofollow">Bitcoin staged a notable recovery after last Friday’s price drop</a>. According to TradingView data, Bitcoin formed a classic downtrend rejection candle on the daily chart, indicating a reversal of selling pressure.After falling to $53,550 on Friday, Bitcoin nearly recovered all its losses by the end of the trading day. The rebound continued into Saturday, with Bitcoin reaching a high of $58,488, signaling a resurgence of bullish sentiment. However, Bitcoin experienced a slight pullback and closed at $58,251.<h3 id="bitcoin-faces-continued-battle-between-bulls-and-bears">Bitcoin Faces Continued Battle Between Bulls and Bears</h3>The <a href="https://cryptosheadlines.com/shib-continues-downward-spiral-as-bulls-struggle-for-momentum/" rel="noopener noreferrer nofollow">struggle between bulls and bears continued</a> on Sunday, with early signs of renewed bearish pressure. As of the latest update, Bitcoin is down 1.69% on the daily chart. Despite this, the recent rebound has pushed the price above the significant resistance level of $56,500, which has now turned into support.<a href="https://cryptosheadlines.com/xrp-drops-as-whale-sells-65m-coins-whats-next/" rel="noopener noreferrer nofollow">Also Read: XRP Drops as Whale Sells 65M Coins: What&#39;s Next?</a>Trading above the $56,500 level supports a <a href="https://cryptosheadlines.com/bitcoins-resilience-shines-as-it-holds-ground-reclaiming-27k-strengthens-bullish-outlook/" rel="noopener noreferrer nofollow">bullish outlook for Bitcoin</a>. Long-term holders view the recent pullback as an opportunity to accumulate more BTC and strengthen their portfolios. At the time of writing, Bitcoin is trading at $57,783.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/09dec98ea51e4d96b9276e95d1a999f8.png" /><img src="https://academy-public.coinmarketcap.com/optimized-uploads/7ea58721c40c411b8f9f1203a5ddcc3b.png" />Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

German Government Sells 700 BTC, Stopping Bitcoin’s Rebound

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