๐จ๐จ These 3 Facts Indicate That The Price Of Bitcoin Is About To Rise ๐ณ๐ณโโ
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The Bitcoin (BTC) ecosystem is no stranger to volatility and speculation. However, recent developments indicate to a potential turning point for Bitcoin following the German government's selloffs. As a result, here are five reasons why the Bitcoin price might see a strong rebound in the near future.
1. Miner Capitulation.
Miner capitulation frequently heralds a market bottom, and recent statistics show that Bitcoin miners are under tremendous duress. The Bitcoin True Hashrate Drawdown percentage has reached 7.6%, which is equal to when Bitcoin traded at $16,000 during the FTX crash.
2. German Bitcoin Selloff Ends
The German government has ended its large Bitcoin selloff that began on June 19. Over the last two weeks, the market has seen roughly $3.5 billion in Bitcoin liquidations. Despite substantial selling pressure, Bitcoin's price has held steady at roughly $58,000. This resilience in the face of large selloffs is a clear signal of the market's fundamental strength.
3. Global inflows into Bitcoin ETFs
Bitcoin Exchange-Traded Funds (ETFs) throughout the world have experienced significant inflows. Bitcoin ETFs in Hong Kong boosted their deposits by 28.6% since late June, totaling 4,941 BTC as of July 13. In Australia, the Monochrome Bitcoin ETF (IBTC) has also gained traction, approaching the 100 BTC milestone since its introduction.
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