The added selling pressure from the German government could tank Bitcoin price below the key $60,000 mark.
The German government’s “BKA” labelled wallet sold 900 Bitcoin worth over $54 million in three transactions on June 25. The sales included 200 BTC each to Coinbase and Kraken, and 500 BTC to an unknown wallet “139Po,” previously interacted with by the government. This wallet still holds 46,359 BTC, worth over $2.8 billion, which could pressure Bitcoin’s price below the critical $60,000 mark.
Bitcoin is currently trading just above $61,000, having fallen 11% monthly and 7% weekly. Analyst Willy Woo predicts a potential 1-4 week correction period. Additionally, selling pressure may increase as Mt. Gox prepares to repay $9.4 billion in Bitcoin to creditors, potentially impacting the market further.
