Bitcoin (BTC) has faced massive fluctuations due to several macro factors and industry-related events. This month, the German government's sale of seized Bitcoin continues to shape sentiments amid criticisms from industry players.
Bitcoin (BTC) price dropped below $55,000 on Monday, as German government flows impacted the cryptocurrency’s price, and as several cryptocurrencies faced liquidations. BTC price dropped to a low of $54,834.03 during Monday’s session, following a high of $58,080.60 on Sunday.
The drop in price comes as the German government began moving seized Bitcoin to several centralized exchanges and wallets. According to reports, German authorities seized 49,857 BTC, and began moving the assets on Monday.
This move sparked concerns among cryptocurrency traders, who anticipated that the large volume of Bitcoin hitting the market would devalue the cryptocurrency and drive down its price. As a result, several cryptocurrencies were liquidated on Monday, worsening the sell-off.
At press time, Bitcoin trades at $57,219.04, down 0.42% in the last 24 hours. Looking ahead, a floor may be found at $54,000, while resistance from the月初 seems to be holding at $57,800.
Bitcoin Price Analysis: German Flows to Worsen Sell-Off?
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