US CPI data in June reflected the market more positively than expected. However, Bitcoin's rise continues to remain weak in this process. Especially the sales made by the German government put pressure on the Bitcoin price.

US CPI data released in June somewhat improved bullish expectations in the crypto market. However, due to increasing supply pressure, Bitcoin's recovery rate was below expectations. The main factor affecting Bitcoin's price was the German government, which depleted Bitcoin reserves and delayed the rise to $60,000. Bitcoin is currently trading below $60,000, although the market is generally expecting a bounce back next week.

Developments in the Bitcoin Market
Although the volume of Bitcoin ETF funds fell below $100 million on July 11, 2024, there was a net inflow of $79 million for the fifth consecutive day. BlackRock's IBIT ETF fund stood out with an inflow of $72.1 million, while Fidelity's FBTC ETF fund followed with an inflow of $32.7 million. On the other hand, Grayscale's GBTC ETF fund experienced a significant outflow of $37.7 million, which was 4.6 times the outflow recorded the previous day. This shows that some investors have withdrawn, while some investors continue their investments in Bitcoin ETF funds.

The German government took the unexpected step of greatly reducing its Bitcoin reserves and now only holds 9,094 Bitcoins, worth approximately $521 million. This follows the sale of 6,458 Bitcoins worth approximately $379 million in the last 24 hours. This significant sale is linked to 50,000 Bitcoins received from the operators of Movie2k, the centralized pirated movie platform founded in 2008. If this pace of selling continues, the German government is likely to completely deplete its Bitcoin holdings within the next two days. Since June 19, 2024, German authorities' Bitcoin holdings have decreased from 49,000 Bitcoins to 9,100 Bitcoins as of July 7, 2024.

Bitcoin Chart Analysis
Bitcoin's price is in a downtrend and is trading below the daily EMA 200 average. Despite recently rising to $59,500, Bitcoin failed to break the short-term resistance trend line. If the daily close does not occur above the EMA 200 average, the downside loop may continue to test the support trend line. Currently, Bitcoin price is trading at $57,329 and a Doji bar is observed during Asian market hours.

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