As a seasoned crypto investor, I’ve seen my fair share of market volatility and government selling sprees. The news of the German government selling more than half of its $BTC stack for $900 million is certainly concerning, but it seems that the market has already absorbed most of the selling.
As a researcher studying the cryptocurrency market, I’ve noticed an intriguing development with regards to the German government’s Bitcoin holdings. More than half of their substantial Bitcoin stack, valued at approximately $900 million, was transferred to exchanges on Monday. However, it seems that the selling pressure has already been absorbed by the market, and Bitcoin is showing signs of recovery as of Tuesday. Technical indicators suggest that we might be witnessing the early stages of a Bitcoin revival.
German selling is being mopped up
As a crypto investor, I’m always keeping an eye on news that could impact the market. The German government has sold more than half of its Bitcoin holdings, which totals over 23,000 BTC. However, they still have a significant amount left. Their recent selling spree has raised questions about their true intentions. Why is the German government so eager to sell at these supposedly low prices? Is there an ulterior motive that we’re not yet aware of? These are valid concerns for any crypto investor.
It seems that the selling persists, and for Bitcoin investors to maintain ownership, they must consistently purchase the cryptocurrency being offloaded by the German government.
To put it simply, institutional buyers seem to be absorbing a significant amount of Bitcoin supply as it enters the exchanges.
$BTC still in very bearish territory
As a market analyst, I’d observe that the Bitcoin price, currently hovering below the 200-day exponential moving average (EMA), remains in a bearish phase. Right now, it’s attempting to break above the weaker resistance at $67,000. If successful, we could expect the price to move upwards and retest the stronger resistance around $58,000 – a level significant as it coincides with the 200-day EMA.
Upwards momentum about to enter the market
On a weekly basis, it’s clear that Bitcoin ($BTC) faces significant resistance levels. It’s possible that these hurdles could halt any potential rally, leading some to believe that $BTC may eventually surrender to selling pressure. In this scenario, bullish sentiment could wane, and investors might accept the possibility of an early bear market.
Despite some challenges in Bitcoin’s current market position, there is a significant indicator pointing towards its favor for potential recovery into the bull market trend. This is represented by the stochastic RSI, which is visible at the chart’s bottom. Historically, this cross-up event occurs approximately every six months and it appears that this occurrence is happening currently.
Important to mention, a misleading signal from this particular indicator occurred around early June. The appearance of a double bottom in the stochastic RSI on the weekly chart for Bitcoin is significant. Such an occurrence could potentially ignite a strong surge in Bitcoin’s price. The turning point is at hand.
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2024-07-09 12:02