CoinDesk Report:
Bitcoin thwarted a potential rebound early Thursday as on-chain trackers identified another significant Bitcoin transfer by the German government. Data from Arkham Intelligence reveals that on early Sunday morning, the government moved 700 BTC (approximately $40.55 million) to an unmarked address 139PoP…H7ybVu.
Cryptocurrency users speculate the address may belong to an OTC service or institution. Since last week, Germany’s latest BTC transfer joins the daily list of significant movements. Cryptocurrency trackers have linked much of the previous transfers to centralized exchanges, correlating with the recent cryptocurrency crash, where the flagship cryptocurrency experienced its most significant pullback since the last Bitcoin halving.
Meanwhile, according to TradingView data, Bitcoin showed a notable rebound following Friday’s price decline, forming a classic rejection candle on the daily chart for the leading cryptocurrency.
BTCUSD TradingView Daily Chart
Bitcoin reversed selling pressure after falling to $53,550 on Friday, recovering nearly all losses by the day’s close. Saturday’s rebound continued, pushing Bitcoin to a high of $58,488, indicating a bullish return to the Bitcoin market. However, Bitcoin retraced slightly to close at $58,251.
On Sunday, the battle between bulls and bears persisted, signaling early signs of bearish pressure recovery. At the time of writing, Bitcoin has declined 1.69% on the daily chart. Nevertheless, recent rebounds have surpassed significant resistance around $56,500, now acting as support.
It is noteworthy that trading around $56,500 maintains bullish sentiment for Bitcoin, with long-term holders viewing the recent pullback as an opportunity to accumulate more Bitcoin and expand their portfolios. As of this writing, Bitcoin trades at $57,783.