Bitcoin’s (BTC) Price Fluctuates, Govt Transfers Stir Market

• Bitcoin’s value fluctuated between $59,000 and $71,000 over the past 30 days.
• German government moved 832 Bitcoins, part of over 5,000 recently transferred.
• BTC’s price rose 0.59% in 24 hours, with a trading volume of $22.15 billion.

Bitcoin experienced a modest increase throughout the day, facing challenges in breaking through higher price levels. Over the previous 30 days, the cryptocurrency’s value encountered numerous resistance and support thresholds, with its price oscillating between $59,000 and $71,000 during that period.

At the moment of this report, BTC has seen a 0.59% rise in the past 24 hours, trading at $62,482. CoinMarketCap data indicates that the daily trading volume has reached $22.15 billion, marking a 2.04% increase.

This uptick in price coincides with the German government’s transfer of its Bitcoin assets. Arkham Intelligence reports that the German government has moved 832 Bitcoins within the last hour, valued at approximately $50 million.

Recently, the German government has shifted over 5,000 Bitcoins, representing about 10% of its total Bitcoin assets. The rationale for the government’s recent divestment remains unclear. The government’s current Bitcoin portfolio amounts to 43.359K BTC, valued at $2.72 billion.

Will the Bulls Overcome the Bears?

Bitcoin showed a modest gain of 2.14% over the previous week. However, it has declined by 7.29% over the past month. On June 7, BTC reached a high of $71K but then fell to a low of $59K by June 25. The daily Relative Strength Index (RSI) is at 43.04, suggesting that BTC is approaching oversold territory.

Should an upward movement emerge, Bitcoin may encounter its first resistance around the $63,780 mark. Continuation of the upward trend could see BTC challenging further resistance levels, potentially reaching $64,196 and then $64,434.

On the other hand, should the bears gain control, the price of Bitcoin could decline towards the $62,000 territory. Additionally, BTC could descend to even lower support zones, hitting levels like $61,690 and $61,255.