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

• Bitcoin (BTC) price declined by 2.96% from a high of $66,451.77 to a low of $64,542.39.
• The German government has sold over $195 million worth of BTC so far.

Bitcoin (BTC) has displayed significant fluctuations as the cryptocurrency community grapples with the implications of major market activities. The German government has been actively selling off substantial amounts of Bitcoin, adding considerable pressure to the market. 

According to the data from Arkham Intelligence , 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. 

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.

Will Bitcoin Bulls Push Prices Higher?

Amid this decline, positive news has emerged in the Bitcoin market. MicroStrategy, led by Michael Saylor, has acquired 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 announced 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.

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.