Germany Sold 49,858 Bitcoin at an Average Price of $57,900, Arkham Data Show

Germany has previously sold a total of 49,858 bitcoin at an average price of about $57,900, according to Arkham monitoring. According to Odaily, if bitcoin falls about 6% from current levels, it would approach Germany’s average selling price, bringing the market closer to the cost range associated with large-scale sovereign selling. Odaily said the $57,900 level is worth close attention amid heavier liquidation pressure in the market this week. It added that government sales are typically non-discretionary and less sensitive to price, and that this price area may serve as a reference range for assessing supply and demand and subsequent price moves.