Bitcoin (BTC) Investors Dump Holdings as German Government Transfers Millions of Dollars Worth of BTC

The last month of the second quarter of the year has been in the best interest of Bitcoin [BTC] investors. This was the case as BTC witnessed multiple price corrections.

Bitcoin [BTC] investors had a rough last month in the second quarter of the year. This was evident from BTC’s multiple price corrections.

However, a move by the German government may have put a damper on the king coin’s price.

Were investors selling their Bitcoin?

CoinMarketCap data showed that over the last 30 days, BTC saw a more than 11% price decrease. In the last seven days alone, the coin lost over 6% in value.

At the time of press, BTC was trading at $61,043.62 with a market capitalization of over $1.2 trillion. Owing to the price drop, over 12% of BTC investors were out of the money, IntoTheBlock data showed.

While this happened, the latest tweet by Lookonchain revealed that the German government shifted BTC to the tune of millions of dollars.

Precisely, the German government moved 750 BTC again, valued at $46.35 million, out of which 250 BTC, valued at $15.41 million, was moved to Bitstamp and Kraken.

As a result, AMBCrypto decided to check the data to see if there was any strong selling pressure on BTC.

Our analysis of CryptoQuant data showed that BTC exchange net deposit was high in comparison to the last seven days’ average, indicating strong buying pressure.

The king coin’s exchange reserve also saw a sharp decline in the last month, further establishing the fact that investors were buying BTC as its price fell.

However, selling sentiment was strong for U.S. investors as its Coinbase Premium was trading in the red at press time.

Source: CryptoQuant

What next for BTC

High buying pressure usually leads to a price increase, so AMBCrypto checked Glassnode data and found a bullish metric.

Our analysis showed that BTC’s NVT ratio saw a sharp decline in the last few days. Usually, a decrease in the metric signifies that an asset is undervalued, hinting at a possible price increase in the upcoming days.

Source: Glassnode

We then decided to analyze the coin’s daily chart for a better understanding of whether the coin was up for a price hike. BTC’s Relative Strength Index (RSI), as per our analysis, was seen resting close to the oversold territory.

This could put more buying pressure on the coin and help uplift its price. Chaikin Money Flow (CMF) also saw a slight uptick, indicating a possible price increase. However, the MACD was still in bear favor.

Source: TradingView

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