Bitcoin Tumbles as Governments Unload Holdings

<h1 class="d-none">Bitcoin&#039;s Price Plunge Amidst Government Sell-Offs</h1> <h2 class="d-none">Experts Predict Further Decline in Bitcoin Value</h2> Bitcoin's Price Plunge Amidst Government Sell-Offs

The U.S. and German governments, along with Mt. Gox, have transferred a significant amount of Bitcoin.

Since June 19, 2024, a total of 17,888 Bitcoins worth approximately $1.08 Billion have been moved by these entities.

Analysts from 10x Research predict that Bitcoin could fall below $50,000, citing a lack of buyers and an increase in sellers.

Bitcoin has broken below key EMAs on the daily chart, with the RSI and MACD indicators supporting a bearish outlook.

BTC is trading at $56,394, with a significant intraday drop, and may find the next support level at $44,771 if it breaks below $50,000.

Given the current market conditions, 10x Research recommends traders exercise caution and prioritize risk management.

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