Bitcoin price declines amid German government transfers and increased miner activity
FUNDAMENTAL OVERVIEW:
- U.S. spot Bitcoin ETFs saw minor outflows on Tuesday.
- On the same day, the German government transferred an additional 832.7 BTC, worth $52 million.
- On-chain data indicates that Bitcoin miners have ramped up their selling activity early this week.
Bitcoin (BTC) continues its correction on Wednesday, hovering around $61,000 after encountering resistance near $64,000 on Monday. Recent on-chain data reveals increased selling activity from Bitcoin miners early in the week. Meanwhile, U.S. spot Bitcoin ETFs saw minor outflows on Tuesday, coinciding with the German government transferring 832.7 BTC, valued at $52 million.
According to data, the German government transferred 832.7 BTC, valued at $52 million, from its wallet on Tuesday. Of this amount, 282.7 BTC, worth $17.65 million, were sent to the Coinbase, Bitstamp.
This decline points to a slight weakening in investor confidence, potentially signaling a temporary downturn in Bitcoin’s price. ETF net inflow data is essential for evaluating investor sentiment and market dynamics in Bitcoin ETFs. Collectively, the 11 spot BTC ETFs hold reserves totaling $54.65 billion in Bitcoin.
BITCOIN TECHNICAL ANALYSIS DAILY CHART:
Technical Overview:
Bitcoin is trading within a down channel.
Bitcoin is moving below all the Moving Averages (SMA).
The Relative Strength Index (RSI) is in Sell Zone, while the Stochastic oscillator suggests Negative trend.
Immediate Resistance level: 61559.33
Immediate support level: 59782.25
HOW TO TRADE BITCOIN
Bitcoin Loses Momentum: After a strong surge, Bitcoin met resistance and dipped back down. It’s currently stuck in a trading range, hovering near a key support level. If it breaks through this support, it could fall further and potentially retest a minor resistance zone before continuing its decline.