Market News

Bitcoin price falls amidst German government transfers - FXSTREET

JULY 05, 2024

  • US spot Bitcoin ETFs registered slight outflows on Wednesday.
  • The German Government transferred another 3,000 BTC, valued at $174 million, on Thursday.
  • On-chain data shows positive exchange netflow, and the Taker Buy Sell Ratio declines.
  • Network Realized Profit/Loss (NPL) data shows an uptick on Wednesday.

Bitcoin (BTC) faced rejection at the daily resistance level of $63,956 on Monday, resulting in a 4.2% decline over the next two days. BTC’s price extends its downward move and falls below $58,000 on Thursday, adding more than 4% losses in the day. 

On-chain data indicates whales are taking profits, exchange supplies are increasing, US spot Bitcoin ETFs see outflows, and the Taker Buy Sell Ratio is below one, coinciding with the German Government transferring an additional 3,000 BTC, valued at $172 million, on the same day. This indicates market weakness that may contribute to further price declines in BTC.


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