Bitcoin Capped Below $60,000 As Germany Dumps: Will Binance Prop Bulls?

Bitcoin is volatile when writing, which has been the state of affairs for the better part of this week. Although prices didn’t drop, following through losses of last week, the downtrend is valid, at least from the current position. So far, Bitcoin has resistance at $60,000, a round number, though a close above $66,000 will be crucial for trend definition. If prices are below this level, every high might be entries for determined sellers angling for $50,000.

Reflecting on this is the performance on the previous day and week. In 24 hours, BTC is down 2% and down 6% in the last week. Meanwhile, participation is within average, rising slightly to over $28 billion.

Traders are closely monitoring the following Bitcoin news events:

• It is now emerging that Binance, the world’s largest exchange by client count, has been actively buying BTC. When prices fell from $72,000, bottoming up last week, the platform added over 45,000 BTC.
• Amid this, the German government is relentless. They have been unloading more and more BTC. Their impact is visible on price action; bulls have been unable to build on last week’s gains. In the short term, the key reaction level to watch is $60,000.

Bitcoin Price Analysis

BTC/USD is flat at press time.

Despite the efforts of buyers to stem the sell-off, there was no convincing follow-through this week.

Accordingly, aggressive sellers might look to dump, aligning with the losses of last week.

As mentioned before, the short-term target is $53,500. However, any break below this level will push Bitcoin to $50,000.

If Bitcoin has found a bottom and bulls are ready to push higher, they must decisively break $60,000.

Afterward, BTC will likely float to $66,000, especially if trading volume swells.