German Government Sells 700 BTC, Halts Bitcoins Rebound

• Bitcoin halted its recent rebound amid the continued German government’s selloff.
• The German government transferred 700 BTC to an unidentified address on Sunday.
• BTC has reclaimed significant support at $56,500.

Bitcoin halted a potential rebound in the early hours of Thursday as onchain trackers spotted another significant BTC transfer by the German government. Data from Arkham Intelligence shows the government‌ transferred 700 BTC, or roughly $40.55 million, to the unmarked address 139PoP…H7ybVu in the early hours of Sunday.

Crypto users suspect the address might belong to an OTC service or an institution. The latest transfer joins the list of significant daily BTC transfers by the German government since last week. Crypto trackers have linked most of the previous transfers to centralized exchanges, coinciding with the recent crypto crash that saw the flagship crypto experience its most significant pullback since the last Bitcoin halving.

Meanwhile, Bitcoin staged a remarked comeback after last Friday’s price drop, with the pioneer crypto forming a classic downtrend rejection candle on the daily chart, according to data from TradingView.

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