Is Bitcoin falling below 57,000? Germany transfers large amounts of BTC to Coinbase, Kraken and Bitstamp
- PHPzOriginal
- 2024-07-17 11:18:19573browse
This site (120btC.coM): It keeps falling! After Bitcoin rebounded at 10 o'clock this morning, it began to fluctuate within a narrow range of US$59,000, and started another wave of decline from around 3 o'clock in the afternoon. The price hit $56,952 at 5 a.m. early.
Market analysts judge that since many bullish investors will place their stop loss point at the previous low of $56,552 (set on May 1), they may test this point. If it fails to recover quickly after falling below , that may continue to fall.
BTC price
The German government transferred 1,300 BTC to the exchange
The reason why Bitcoin dropped again, many people blame it on the German government. According to data platform Arkham, a wallet labeled as the German government transferred a total of 1,300 BTC (approximately $74.75 million) to three exchanges: Coinbase, Kraken and Bitstamp at around 4 p.m.
Although the German government’s transfer of Bitcoin to exchanges is not necessarily for sale, the move may cause panic among investors, leading to a wave of selling.
Where is the next support level?
On the other hand, some investors may wonder at what point the price of Bitcoin will start to stabilize after Bitcoin has fallen so sharply. In response, encryption technology analyst Dom's Crypto tweeted that the key support point 200MA ($58,484) has fallen below, and the next support point will be $56,700.
“Bitcoin fell below the key MA200 (red), BTC is severely oversold, with support at $56,700, if we get a daily close above $56,700, there is a chance of a “bullish divergence” and a revisit to $60,500. "
In addition, encryption technology analyst Tuna KAYA said that Bitcoin's support level lies at US$56,500. If this point cannot be held, Bitcoin may drop to US$50,000 to US$52,000.
"Bitcoin returns to 56,500 support level. RSI is at the bottom. If it holds here, this will be a double bottom. This situation has made new buyers turn to the market. The new uptrend strengthens. If we lose 56,500, the 50,000~52,000 band may come to the fore. This is something we never want to happen. ”
The above is the detailed content of Is Bitcoin falling below 57,000? Germany transfers large amounts of BTC to Coinbase, Kraken and Bitstamp. For more information, please follow other related articles on the PHP Chinese website!