- The German government continued Bitcoin selloff with 547.44 BTC transfer to Flow Traders.
- Bitcoin plunged to $53,550, marking a new post-halving low.
- Long-term holders see crashing prices as an opportunity to buy at lower prices.
Bitcoin’s price has plummeted to new lows not seen since its 2024 halving, fueled by persistent selling pressure, including a significant selloff by the German government. This latest decline has heightened concerns within the crypto market and raised questions on the government’s strategy even as analysts closely monitor the cascading effects onto altcoins.
Arkham Intelligence reported on the government moving 547.44 BTC to market maker Flow Traders on Friday, leaving a wallet balance of 41,000 BTC valued at $2.27 billion.
Coin Edition’s report on the German government’s serial Bitcoin selloff raised awareness among crypto users, raising questions about the government’s real motives adding further pressure to declining crypto prices.
This bearish pressure has significantly impacted Bitcoin, causing the flagship crypto to drop to new post-halving lows. Bitcoin’s price fell to $53,550 early Friday, the lowest level since the 2024 halving, according to TradingView data.
With this drop, Bitcoin has lost 16.21% of its value this week, totaling a 27.36% decline from its all-time high of $73,794 reached a month before the halving. Friday’s decline also formed an M-top pattern on Bitcoin’s weekly chart, transforming the pattern’s midpoint from support to resistance at $56,465.
BTCUSD Weekly Chart on TradingView
Bitcoin’s drop triggered a ripple effect across the broader crypto market, with most major cryptocurrencies experiencing substantial losses alongside it. CoinMarketCap data shows Ethereum has lost over 14% in the past seven days, while BNB has dropped about 16% to trade at $480 as of this writing.
The crypto market pullback has generated significant FUD, Fear, Uncertainty, & Doubt, among crypto users, necessitating panic speculations and unwarranted predictions. However, seasoned traders view the pullback as an opportunity to accumulate more assets, anticipating that fundamental factors like Ethereum ETFs and broader economic fallout will trigger a return of bullish sentiment.
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