This week, starting Monday, June 28, Bitcoin has been making a series of price adjustments and is trying to stabilize at $61k.
Government Bitcoin Transfering
Germany initiated the first Bitcoin transfer, with 900 BTC deposited within just 2 hours on June 25. Of which, 400 Bitcoins worth $24.34 million were deposited to 2 exchanges, Kraken and Coinbase. The remaining amount was transferred to another Bitcoin wallet of unknown identity. This move surprised many people and made them laugh that being dumped by Germany was not on my list of things to do today. Other than the jokes, this did not have much impact on the price of Bitcoin as it remained in the $60k range.
Then on the following day, June 26, Germany continued to transfer 250 BTC ($15.42 million) to exchanges, Bitstamp and Kraken. In addition, the previously unknown Bitcoin wallet continued to be transferred 500 BTC worth $38.85 million. Currently, Germany still holds 45,609 BTC ($2.81 billion).
But things did not stop there when right after Germany, the United States sent 3,940 BTC ($241.22 million) to Coinbase on June 27.
Governments have transferred Bitcoin for three consecutive days, sparking panic among investors. If the government decides to sell Bitcoin, there will be a significant drop in the price of Bitcoin.
Moves from Bitcoin Owners
On the same day, June 27, a Bitcoin whale transferred 1,200 BTC ($73.44 million) to Binance. It is known that this whale recently purchased 6,070 Bitcoin valued at $395 million. If this person sells Bitcoin at the current price, he will lose $4.57 million compared to when he bought it.
However, this Bitcoin whale previously bought nearly 41 thousand BTC for $794 million in 2022 when the market was very gloomy and the average price of a Bitcoin was $19 thousand. Then this whale sold 37 thousand Bitcoin at an average price of $46.8 thousand when the market went up in 2023 and 2024.
This smart whale deposited 1,200 $BTC($73.44M) into #Binance 45 minutes ago.
If he sells, he will lose $4.57M.
He currently holds 10,149 $BTC($622.46M).https://t.co/VWgcfiOpxU pic.twitter.com/bY8UmggLBR
— Lookonchain (@lookonchain) June 27, 2024
This may indicate that this person predicted that the price of Bitcoin would grow so much that he could make a profit. These could be positive signs for Bitcoin.
In addition, Genesis Trading, a cryptocurrency brokerage firm, also made similar moves when they transferred 1,000 BTC ($61.76 million) to Coinbase. In just two weeks, this company transferred 8,050 Bitcoin ($518 million) to Coinbase.
Not only that, ancient Bitcoin wallets that have been inactive for years suddenly transferred Bitcoin to exchanges. Of particular note is a wallet that has been inactive for 6 years that transferred 1k BTC to Coinbase.
Bitcoin Price Impact
Even with so many Bitcoins being transferred to the exchange, the price of Bitcoin is still holding steady between $60,000 and $62,000.
Technical indicators show a possible bullish reversal. The RSI near oversold territory suggests that Bitcoin could soon recover. Analysts believe that the bullish trend will be particularly active between $56,500 and $60,000, as a drop below this level could send the price down to $55,000.
If Bitcoin recovers, it will first target $62,000. By breaking through this level, Bitcoin could rise to $65,000, an important resistance level, and in the event of a breakout, a rally to $70,000 could form.
Bitcoin is currently priced at $61,483 according to CoinGecko.
