Bitcoin, which was rebounding from low-cost purchases, is on a downward trend due to rumors of "selling by the German and US governments".

US government transfers 335.4 billion won worth of Bitcoin to exchange
Rumors spread that "the United States will also begin selling Bitcoin following the United States"
BTC returns gains on the 26th... Altcoin decline deepens
Experts predict “Bitcoin is likely to fall further”

The price of Bitcoin (BTC), which had been on a rebound thanks to the inflow of low-price purchases, went downhill due to news of the German and US governments disposing of their holdings.

Bitcoin rebounded slightly on the 26th due to the influence of the inflow of low-price buying forces. However, on the afternoon of the same day, it was reported that approximately 3,940 Bitcoins held in the U.S. government wallet were transferred to the Coinbase wallet. The value of the transferred Bitcoin was approximately $241 million (approximately KRW 335.4 billion) at the time of transfer.

Prior to the news of the US government's disposal of Bitcoin, it was reported that the German government transferred a total of approximately $24 million in Bitcoin to an exchange through several transfers.

In just a few days, rumors spread that the German and U.S. governments had sold Bitcoin, and Bitcoin fell by about 2% on the 27th.

As Bitcoin fell, altcoins also continued their steep decline. Altcoins that rebounded on the 26th returned their gains, and some of them showed a more severe decline than before.

◇Bitcoin = As of 5 p.m. on the 27th, the price of Bitcoin (BTC) is 85.69 million won as of Upbit. Bitcoin market share (dominance) was 54.58%.

As the price of Bitcoin showed weakness, experts expressed the opinion that there was a high possibility of a further decline in Bitcoin.

On the 26th (local time), CNBC cited analysis by veteran researchers active on and off Wall Street and stated that if Bitcoin fails to protect its main support line, it is likely to fall below $50,000.

Ari Wald, chief technical analyst at Oppenheimer, said, “Bitcoin has been undergoing a continuous correction since March,” and added, “Most signals to buy Bitcoin have disappeared from the market.” He continued, “Bitcoin is stagnating below the $66,000 resistance line,” and predicted, “If it fails to protect the 200-day moving average of $57,500, it will be pushed down to $49,000.”

David Keller, chief strategist at StockCharts.com, said, “Bitcoin is under downward price pressure due to a lack of short-term upside and decreased demand for spot ETF investment.” He warned, “Bitcoin is likely to fall to $58,000 in the future,” and “the potential low is between $50,000 and $52,000.”

◇ Rising Coin = As of Upbit at 5 PM on the 27th, the digital asset that recorded the largest increase compared to the previous trading day was Akash Network (AKT), showing an increase of about 6%.

Akash Network is a blockchain project that trades computing resources. Computing resources such as CPU, GPU, and memory can be traded through the Akash Compute Marketplace, and transaction records are recorded on the Akash blockchain.

◇Fear and Greed Index = The cryptocurrency fear-greed index provided by Alternative has entered the ‘Neutral’ stage with 40 points. The neutral stage is a period where psychological resistance and support from market participants appear, and important decisions regarding future price movements occur.

Reporter Seungwon Kwon ksw@