German Bitcoin Holdings Nearly Depleted, Signaling a Potential Local Bottom for BTC
- WBOYOriginal
- 2024-07-18 10:44:10701browse
Cointelegraph reports that there is a possibility that the price of Bitcoin has reached its local bottom, as the German government is running out of Bitcoin to sell.
The German government's Bitcoin reserves are nearly depleted, which could indicate a potential local bottom for BTC, according to recent technical analysis and market signals.
German Bitcoin Holdings Nearly Depleted
Cointelegraph reports that the price of Bitcoin may have reached its local bottom as the German government runs out of Bitcoin to sell, indicating a possible reaccumulation phase.
The German government wallet now holds only 3,856 Bitcoin, three weeks after it began selling the cryptocurrency.
Bitcoin Drops Below $60K as Gov Wallets Sell Heavily
Meanwhile, the price of Bitcoin has fallen below $60,000 in the past week amid heavy selling pressure, which amounted to $222 million, but signs of a potential bottom are emerging.
On July 12, the wallet transferred 800 Bitcoin to the Kraken exchange, 500 Bitcoin to the wallet "bc1q," and 1,000 Bitcoin to the wallet "=139p."
The wallet began selling Bitcoin in mid-June, having held nearly 50,000 BTC since February 2024.
The depletion of the German government's Bitcoin sales could help Bitcoin reach its local price bottom.
Experts See Potential for Bitcoin Rebound
For instance, prominent crypto expert Moustache sees potential for a price bottom and a recovery above the psychological level of $60,000, based on Wyckoff technical analysis.
“The composite analysis using Wyckoff method shows signs of a price bottom and a recovery starting from here,” the analyst noted in a July 11 post, adding X:
Crypto trader MartyParty shared a chart on July 11, showing the Coinbase Premium among several indicators suggesting a local price bottom:
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