Bitcoin Weak As Germany Unloads BTC: Is $60,000 Next?

Bitcoin fell yesterday, closing with a long upper wick pointing to heightened selling pressure after initial gains. With prices down, the downtrend remains and bars are banding along the lower BB. In the short to medium term, traders should look to ride the trend by considering shorts. This preview will especially hold water as long as the coin is below the all-important $66,000 resistance level.

At press time, Bitcoin is falling, down 2% in the last 24 hours. Meanwhile, the drop has seen the coin also contract by 5% in the previous week. Unless there are sharp gains above the immediate liquidation zones mentioned above, there could be more losses today. Amid this, the average trading volume in the past day is at $25 billion. It is decent but lower, likely to increase if BTC edge lower by end of trading day.

Traders are watching the following Bitcoin news:

• The Winklevoss Twins have donated 30.94 BTC, worth over $2 million, to the Donald Trump campaign. Recently, the former president said he plans to make the United States a crypto leader.
• As prices tumble, selling pressure has been traced to Coinbase. Reports reveal that the German government has been liquidating its BTC holdings via the exchange and several others, including Bitstamp.

Bitcoin Price Analysis

BTC/USD is down at press time, dropping by roughly 10% from peaks.

As mentioned, every high should offer entries for sellers to double down. This position holds as long as prices are below $66,000.

Since the Bitcoin bear bars are aligning along the lower BB, the momentum exists.

Therefore, the coin may drop to as low as $60,000 in a bear trend continuation formation.

Ideally, the next feasible target for aggressive bears would be $56,500, which marks May 2024 lows.