Technical Analysis:
BITCOIN is trying to retrace towards 61000-62000 zone, If price retraces a bit towards 57000 we might get an opportunity to buy again for short time. If price directly heads towards 62000 range we can look for selling opportunity with smaller time frame confirmations.
Fundamentals:
German government dumps half billion in BTC
The German government has once again resumed transferring bitcoins to centralized exchanges and other market entities with the presumed intent to sell on Wednesday.
Authorities have transferred more than 1,127 bitcoins to an address identified as belonging to Flow Traders by the onchain analytics platform Arkham.
500 bitcoins have also been sent to crypto exchange Coinbase, while another 750 were sent to rival exchange Kraken.
At the same time, Arkham also identified Cumberland DRW as receiving more than 536 bitcoins from the German government.
Finally, a presumed institutional deposit or OTC address received some 2,250 bitcoins.
Taken in combination, the German government has apparently transferred out more than 5,853 bitcoins, approximately $342,694,905. It still holds more than $1.06 billion in confiscated bitcoin, according to Arkham.
This story is developing and will be updated with more information as it arises.
Disclaimer: Trading carries risk. Practice effective risk management and consider your risk tolerance before trading.
