Bitcoin’s recovery from the previous week’s low stabilized but was interrupted by the German government selloff that moved 700 BTC to an unknown wallet on Sunday as the asset bounced at $56,500.
Bitcoin’s short-lived bounce on Thursday morning was snuffed out after on-chain monitors observed another large BTC transfer from the German government.
Data from Arkham Intelligence indicate that around 700 BTC for approximately $40.55 million was sent to the unmarked address 139PoP…H7ybVu Sunday in the early morning.
Crypto users guess that the address can belong to an OTC service or an institutional company. This latest transfer follows similar large daily BTC transactions by the German government that have involved exchange addresses during Bitcoin’s decline following the halving event.
According to TradingView, Bitcoin came back strongly after declining over the weekend and set a downtrend rejection candle on the daily chart.
Bitcoin slid to an intraday low of $53,550 on Friday before paring most of the losses by close. Rising to $58,488 to Saturday, the rise meant that the bull run were back on the track though closing slightly below at $58,251.
The interplay of bears and bulls continued on Sunday, with the early signs suggesting the continuation of bearish pressure.
The daily chart of Bitcoin is the current and it displays 1. undefined Nevertheless, the recent bounce propelled the price above the key resistance level of $56,500, which is currently the support level.
Despite the recent pullback, Bitcoin is still in a bullish neighborhood at $56,500 and targeting long-term holders intending to grow their portfolios after the pullback, and at the time of writing, Bitcoin is at $57,783.
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