"BTC doesn't know where it's going, investors must be tired of waiting for the price to go up."
Refusing to make a significant move, the price of the king of cryptocurrency Bitcoin (BTC) is currently hovering below $58,000 when a wallet labeled the German Government (BKA) was found to want to sell another 6,000 BTC worth $354 million.
Through observation, 5,853.409 BTC was sent to the crypto exchange address Coinbase, Kraken, Flow Traders and other unidentified or unverified addresses then the address also sold 1,700 BTC worth $91.78 million from Bitstamp.
While discussing the narrative and sentiment of the crypto market, Blockchain Research Lab Chief Executive Officer (CEO) Dr Lennart Ante said events happening now may be forgotten in a few months and new events such as Mt.Gox payments may be the subject of debate.
But it should be noted that the price of BTC has recovered a little to $59,400 on Wednesday yesterday when investors acted to send more than $650 million into the spot BTC ETF listed in the United States (US) in three consecutive days.
So here it can be seen that BlackRock's iShares Bitcoin Trust (IBIT) managed to attract $121 million in inflows followed by Fidelity Wise Origin Bitcoin Fund (FBTC) which grabbed $91 million.
As long as the price of BTC remains below $58,000 for the next few days, the long-term outlook for the digital asset is capable of sustaining a decline due to that level acting as a significant resistance zone.
As of this writing, BTC price has plunged by 0.09% to $57,491 in the last 24 hours with a market capitalization of $1.1 trillion and has recorded a 4.33% decline over the past week.
