Despite a recent decline of over 6% in Bitcoin's price, experts remain optimistic about the cryptocurrency's ability to defend the $60,000 support level. This confidence stems from a combination of factors, including the slowing down of the German government's selling regime, net outflows from Bitcoin ETFs, and on-chain intelligence suggesting a local bottom has formed.

The recent transfer of 3,940 BTC to Coinbase Prime by the US government had sparked concerns about a potential sale of its BTC reserves, leading to downward pressure on the asset's price. However, experts believe that this pressure is temporary and that the current market conditions are actually preparing Bitcoin for a leg up.

One key indicator of this is the funding rates for perpetual contracts, which have neared zero, indicating a balanced market with a healthier and less overly optimistic price structure. This, combined with the recent plunge below $60,000 attracting several buyers, suggests that the market is ripe for a rebound.

Holders controlling 0.1% of the total bitcoin supply have also added 7,130 BTC to their stash in just one day, indicating confidence in the price going up from here. This increased demand and buying pressure is expected to help maintain the $60,000 support level and potentially drive the price higher.

The current market conditions are a testament to Bitcoin's resilience and ability to weather volatility. Despite the recent decline, experts remain bullish on the cryptocurrency's prospects, citing its strong fundamentals and growing adoption as key drivers of its success.

In conclusion, while market volatility can be unpredictable, experts are confident in Bitcoin's ability to defend the $60,000 support level. With a combination of favorable market conditions, increased demand, and strong fundamentals, Bitcoin is well-positioned for a rebound and continued growth. As the market continues to evolve, it will be important to watch for signs of further strengthening or weakening in the price, but for now, experts remain optimistic about Bitcoin's prospects.

Additionally, the recent market movements have highlighted the importance of on-chain intelligence and market analysis in understanding the complexities of the cryptocurrency market. As the market continues to mature, it will be important for investors and traders to stay informed and up-to-date on the latest developments and trends. By doing so, they can make more informed decisions and navigate the market with confidence.

The confidence in Bitcoin's ability to defend the $60,000 support level is also a testament to the growing maturity of the cryptocurrency market. As more investors and traders enter the market, the dynamics of supply and demand are shifting, leading to a more stable and resilient market. This increased stability is expected to drive further growth and adoption of Bitcoin and other cryptocurrencies, paving the way for a bright future for the industry.